They are on the verge of closing permanently as a result.". From independent operators to hospitality groups, most are disappointed and some are angry that there remains no federal aid to support struggling restaurants. Let Restaurant Dive's free newsletter keep you informed, straight from your inbox. According to reporting from CNNs Manu Raju, Senate small business and entrepreneurship committee chairman Ben Cardin said on Tuesday, March 8 that Republican opposition means that the Restaurant Revitalization Fund (RRF) will not be replenished. For instance, it prevented over 30,000 suspicious applications from receiving awards. This is not an infusion of funds into the RRF currently; in fact, a new law was introduced and passed by the House of Representatives to replenish the RRF with more than $40 billion, but it did not pass the Senate (See June 2022 update below).It is not clear how, when, or to whom these RRF grants will be issued, so do not throw away any correspondence from the SBA because you may be one of the lucky stores to receive an extremely late RRF grant!As we learn more from the Small Business Administration (SBA) about the Restaurant Revitalization Fund (RRF) and any updates surrounding it, we will continue to make updates on the blog post and right here on The Tip Share!Read the full Blog Post: https://rasiusa.com/blog/restaurant-revitalization-fund-updates/Listen to the full Podcast Episode: https://anchor.fm/the-tip-share/episodes/Restaurant-Revitalization-Fund-RRF-Updates---August-2022-e1mtkjl/a-a8e5o0oSocial Handles: RASI Instagram: https://www.instagram.com/rasinc__/RASI Twitter: https://twitter.com/RASInc_RASI Facebook: https://www.facebook.com/RestaurantAccountingServicesIncRASI LinkedIn: https://www.linkedin.com/company/restaurant-accounting-services-inc-rasi Chapters:00:00 Intro00:15 $180 Million in RRF Unspent Funds - August 2022 Update00:48 What's next for the Restaurant Revitalization Fund in 2022 and into 2023?#RASI #FocusOnFoodNotFinances#restaurantaccounting #restaurantaccountingservices #restaurantaccountingsoftware #restaurantpurchasing #restaurantpurchasingprogram #restaurantbudgets #restaurantbudgeting #foodcosting #menuengineering #restaurantoperations #restaurantpayroll #restaurantHR #restaurantcompliance #restaurantconsulting #restaurantinventorymanagement #openingarestaurant #restaurantstartup The first reports were due in December 2021, but 32 percent were overdue as of June 2022. There comes a point where the right policy is: Stop smoothing. Six weeks ago six weeks of economic recovery ago Britschgi noted that in general, there are more small businesses open today than existed before the pandemic. And almost all government-dictated restrictions on commerce have ended. An estimated 90,000 restaurants have already closed their doors during the pandemic, and that number will likely continue to grow. "This should be the driving factor in bipartisan support for replenishing the RRF. For example, SBA considered applications made through external vendors to be low-risk, but over 4,000 recipients who applied through such a channel have been flagged for suspected fraud or ineligibility, including an alleged fraudster who received $8 million. Make Your Nomination for Restaurant Informers 2023, Lapeer Steak and Seafood Lands New Executive Chef McAlpine, Payback Time: What To Do About Your PPP or EIDL Loan, Georgia Hospitality Expo & ProStart Invitational 2023. Among its objectives, this report examines recipient characteristics, SBA's internal controls and fraud risk management practices, and SBA's efforts to monitor recipients. SBA stated that the results of the analysis are scheduled to be completed by March 2023. Restaurant Revitalization Fund Approaches Final Stand But it flagged 4,000 award recipients for suspected fraud and isn't taking timely action to address them. The U.S. House and Senate passed a bill, S.4008, which would've added $40 billion to the plan - a significant increase over the approximate $29 billion originally proposed in the RRF. The median award was about $126,000. The $55 billion bill would largely replenish a grant program created by the American Rescue Plan that provides assistance to restaurants. According to the SBA, the grants are being released to operators in the order their applications were received. By contrast, almost half of restaurants that didn't receive RRF funding said it's unlikely they will survive the pandemic, and 94% reported an RRF grant would allow them to retain or rehire staff, according to NRA research. Including $85 million for certain border region businesses, such as those in (herewith a geography lesson) the Northwest Angle, which CQ Roll Call explains is a region of Minnesota that is separated from the rest of the state by the Lake of the Woods but shares land borders with Canada, whose strict pandemic protocols injured Americans living in the Angle. Forty-three Senate Republicans, objecting to the fact that only a smidgen of the Senate bills cost would be offset by economies elsewhere, on May 19 prevented there being 60 votes to proceed with it. The House passed the Relief for Restaurants and other Hard Hit Small Businesses Act of 2022 (H.R. Arriving as federal spending has driven inflation to a 40-year high, the Replenishment Act indicates disregard for this rule: When you are in a hole, quit digging. In March 2021, Congress appropriated $28.6 billion to the Small Business Administration to help the food service industry weather the COVID-19 pandemic. 11 a 13 de maio de 2022 - Lavras/MG. Lawmakers. Back in January, a Biden administration official said pretty plainly that the president had no plans to support a new comprehensive stimulus for all Americans, but did hint that there might be something small for restaurants on the way. Nearly 300,000 restaurants and bars applied for grants through the program last year, according to the Small Business Administration, but only a third of applicants received relief. A large chunk of the bill, $42 billion, would replenish the Restaurant Revitalization Fund, a grant program launched as a result of the American Rescue Plan, which President Joe Biden signed into law last year. Restaurant Revitalization Fund Replenishment Act of 2021 (2022; 117th A requirement for annual reporting submissions applies to any applicant who doesnt fully expend RRF grant funds before December 31, 2021. This field is for validation purposes and should be left unchanged. Until these funds were used up, they were available for eligible entrepreneurs, establishments, and corporations. Recipients cannot claim other expenses paid with RRF grant money as nonpayroll costs for purposes of PPP forgiveness. 2023 Restaurant Accounting Services Inc. All Rights Reserved. IE 11 is not supported. LOOK What Happened When This Restaurant Posted a Politically Incorrect Sign Restaurant owners have taken on substantial debt and tapped into their own savings accounts, just in an effort to keep the doors open. We recommended that SBA do so. (Recommendation 1), The Associate Administrator for the Office of Capital Access should assess how the design of RRF pre-award controls may have adversely affected applicants from U.S. territories, and identify and document steps to mitigate this issue for future programs. Are there any reporting requirements for RRF grant recipients? U.S. Small Business Administration RRF Award Portal, Restaurant Revitalization Funding Program. Rescuing restaurants (again) ought to give Congress indigestion The Government Accountability Office (GAO) released a report in July, noting SBA was holding unobligated RRF funds and the Association was first to send a letter to SBA Administrator Isabella Casillas Guzman requesting that the unobligated money be released to unfunded applicants. The American Rescue Plan Act (ARPA) established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. They said at least 90,000 restaurants and bars have closed since the pandemic started more than two years ago. www.arffinancial.com/updates-to-the-restaurant-revitalization-fund/, Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. The Senate has a $48 billion bill, with more than restaurants eligible for revitalization: gyms, minor league sports teams, companies that support live entertainment events (lighting and sound technicians, etc. Restaurant Revitalization Fund (RRF) Updates - August 2022 97 views Aug 29, 2022 0 Dislike Share RASI - Restaurant Accounting Services Inc 494 subscribers The SBA is set to award an. In 2020 and 2021, restaurants, bars, and other food service businesses experienced substantial revenue loss and unemployment resulting from the COVID-19 pandemic. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. H.R.3807 - 117th Congress (2021-2022): Restaurant Revitalization Fund Restaurant Revitalization Fund Even the Restaurant Revitalization Fund, with its paltry $28.6 billion in initial funding, wasn't enough to meaningfully help most establishments. Senha. There are several strategic . SBA stopped accepting applications in July 2021 with the program oversubscribed and almost all its funds disbursed. So, however, is this: Once government begins to pursue the chimera of ever-more-perfect fairness, it finds actually, it incites more and more factions claiming that justice demands their inclusion in the governments ever-expanding plans for smoothing lifes rough surfaces. (Recommendation 6), The Associate Administrator for the Office of Capital Access should develop and implement a plan to respond to potentially fraudulent and ineligible RRF awards in a prompt and consistent manner.
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