The $28.6 billion Restaurant Revitalization Fund, authorized by the March stimulus bill, will start taking applications for grants designed to equal a venue’s pandemic losses on May 3. The Restaurant Revitalization Fund has $25 billion set aside in the Treasury that will remain available until expended. The American Rescue Plan Act of 2021 (a $1.9 trillion economic stimulus bill signed into law by President Biden on March 11) established the Restaurant Revitalization Fund (RRF) to help restaurants, caterers, and related food-service businesses … This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. Remember when some people hoped the COVID-19 pandemic lockdowns would be over in a few weeks? The deadline to apply is May 24, 2021. Thousands of Small Businesses Will Be Left Behind When Restaurant Revitalization Fund Closes on May 24. Ekaterina Pokrovsky/Shutterstock Throughout the pandemic, restaurants have struggled to access financial support from the federal government, so when the American Rescue Plan stimulus bill… Restaurateurs whose applications won't be considered before the $29 billion fund runs out would have a shot at quickly collecting if Congress replenishes the pool. Two weeks after the funds became available, more than $65 billion worth of requests have come in. The Small Business Administration received more than 372,000 requests totaling $76 billion, but the Restaurant Revitalization Fund is capped at … Congress provided $28.6 billion for the Restaurant Revitalization Fund. For restaurant groups, the solution to the headaches caused by the restaurant relief fund is obvious: Replenish the pot. Restaurant Revitalization Fund (RRF) What Is It? May 12, 2021 Less than 10 days after its launch, the Restaurant Revitalization Fund (RRF) has less than half the money it needs to fund a flood of relief requests from one of the sectors of the economy hardest hit by the COVID-19 pandemic. Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic. The U.S. Small Business Administration (SBA) is administering the program, and will be issuing the necessary federal rules, regulations, and applications before grant funds are distributed. This frequently asked With this in mind, it’s possible that Congress could amend certain provisions in the RRF to make funds more easily available for establishments that haven’t received relief yet. On March 11, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (the “Act’), a $1.9 trillion bill aimed at boosting the American economy during the COVID-19 pandemic. The 21-day window reserved for women, veterans, and socially and economically disadvantaged business owners would then likely occur in May or June, after which the revitalization fund would be open to all eligible applicants, according to the NRA. This is a $28.6 billion grant program to keep restaurants afloat and to recover from the financial hardship of the past year. The fund was signed as a $28.6 billion lifeline for restaurants, particularly the smallest and hardest-hit venues. Joanna Fantozzi | Apr 14, 2021 There is still no specified release date for the Restaurant Revitalization Fund grant applications, Small Business Administration associate administrator Patrick Kelley said in a Q&A with the Independent Restaurant Coalition on Tuesday. As restaurants, bars, and other food and beverage establishments continue to deal with the impacts of COVID-19 related restrictions leading to losses in profit, The American Rescue Plan Act of 2021 has created a special fund to provide relief as the pandemic lingers. In response to this economic hardship experienced by the restaurant industry, the U.S. Small Business Association (SBA), in accordance with the American Rescue Plan Act of 2021, created the Restaurant Revitalization Fund. Western New … Help is on the way for restaurant owners who were hit hard by the COVID-19 pandemic. The Restaurant Revitalization Fund passed, along with the rest of the $1.9 trillion American Rescue Plan on March 11. Phased rollout of Restaurant Revitalization Fund to begin in early April By Small Business Administration and Estes Park Economic Development Corp | … The SBA has launched the Restaurant Revitalization Fund—a free grant for restaurant owners—here’s what you need to apply. The Restaurant Revitalization Fund (RRF) is open for applications as of Monday, May 3 at 12:00 pm EDT. Fieri’s initial Restaurant Employee Relief Fund (RERF) was launched in March 2020 and in less than two months, the fund had over $25 million. As part of the Biden administration’s $1.9 trillion American Rescue Plan Act (ARPA), hard-hit independent restaurant operators will soon be able to get some relief from the effects of the COVID-19 pandemic. Talks are still in progress and there is no available timetable to add relief dollars to the Restaurant Revitalization Fund. NFIB’s free webinar on the RRF with guest speakers from the U.S. Small Business Administration (SBA) is available to watch here. The Restaurant Revitalization Fund is a $25 billion grant program for restaurants and other food service businesses that have been affected by coronavirus outbreak-related shutdowns. Then effective May 24, 2021, the application process is open to all restaurants. Restaurant Revitalization Fund Sets Application Deadline | FSR magazine. More than 372,000 applications requesting over $76 billion far exceeded the capacity of the U.S. federal government’s Restaurant Revitalization Fund to meet the demand, Isabella Casillas Guzman, head of the Small Business Administration, said in a hearing at the House Small Business Committee on May 26. Business owners may apply online at restaurants.sba.gov. The Restaurant Revitalization Fund is a great win for the industry, and we hope owners are quick to take advantage while the funding is available. • The American Rescue Plan Act (ARPA) became public law on March 11, 2021 and established the RRF • ARPA appropriated $28.6 billion for RRF, authorizing SBA to award funds • The appropriations remain available until expended • Fund must be used for eligible uses no later than March 11, 2023 2 According to Restaurant Business Online, the U.S. Small Business Administration expected that the $28.6 billion in funding available through the RRF would be … For the first 3 weeks of the program, applications are only being accepted for food establishments that are at least 51% owned by women, veterans, or people who the SBA defines as “socially and economically disadvantaged.”. More than $220 million of the $500 million RRF set aside for businesses with less than $50,000 in pre-pandemic revenue is still available, according to the SBA. May 27, 2021. Restaurants can apply for a total of $10 million — or $5 million per physical location — based on their revenue losses during the pandemic. Qualifying businesses should visit the SBA’s Restaurant Revitalization Fund page and apply now. It’s a fund that’s available to food-based businesses like this one where you can get up to $5 million per location. opened or that were planning to open after January 1, 2020, the grant fund eligibility formula is: [Eligible Expenses Incurred February 15, 2020 to … The Restaurant Revitalization Fund Replenishment Act of 2021, ... " When those funds become available, the applications — and as I mentioned there are 170,000 – … Unless Congress passes new legislation to add funding to the RRF, it looks like nearly all the money will go to those prioritized in the first 21 days, however the SBA is keeping the portal open since it hasn’t met the cap for those with less than $50,000 in 2019. Restaurant Revitalization Award Portal. Additional details on the Restaurant Revitalization Fund, including a sample application and program guide, can be found at SBA.gov/restaurants. WASHINGTON, D.C. – After more than 362,000 eligible businesses applied for nearly $75 billion in assistance from the $28.6 billion Restaurant Revitalization Fund, a group of bipartisan, bicameral lawmakers are today introducing new legislation to replenish the federal relief program with $60 billion in additional funds for restaurants hurt by the pandemic. Unsplash/Zakaria Zayane. Don’t be so sure. The funding for the restaurant relief is … Starting on March 18, 2020, the Association pushed for Congress to create a restaurant industry specific recovery fund due to the unique challenges restaurants faced during the pandemic. This proposal became the Restaurant Revitalization Fund. But relief for restaurants is on the way. On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic. Small Business Association Administrator Isabelle Casillas Guzman announced Wednesday the $29 billion Restaurant Revitalization Fund will close at 8 p.m. EST on Monday, May 24. By Peter Romeo on May 27, 2021. Register and Apply through the SBA. — Getty Images/Volodymyr Rozumii This story was updated on 5/24/21. Restaurant Revitalization Grants Now Available—Are You Eligible? Click to Watch The Webinar Click to Read The FAQ On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund (RRF) to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic. On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to distribute the grant funds. On March 11th, 2021, President Biden signed the latest COVID-19 stimulus package, known as the American Rescue Plan Act of 2021. The SBA is currently accepting applications for the Restaurant Revitalization Fund. Restaurant Revitalization Fund Next Steps In this webinar we will share: How the RRF became law, what type of RRF funds are available and next steps. The SBA said it still has potential set-aside funding available for eligible establishments with 2019 annual revenue of not more than $50,000. Restaurants requesting aid from the $28.6 billion Restaurant Revitalization Fund may not be out of luck if the money runs out before their application … … So, this is a huge one. The Act created a $28.6 billion Restaurant Revitalization Fund (RRF). Q1 2021 hedge fund letters, conferences and more. Any eligible business can apply for this grant provided they can demonstrate: The uncertainty of current economic conditions makes the grant a necessary support to ongoing business operations To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at … Register. On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to … Over $69 billion requested from 303,000 restaurants and bars despite just $28.6 billion available from SBA program The portal for the Restaurant Revitalization Fund officially closed this past week, with more than 362,000 applications seeking $75 billion in funding.Just playing a numbers game, thousands of operators will end up on the outside looking in.
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