Restaurant Revitalization Fund (RRF) recipients are required to report to the Small Business Administration (SBA) through the application portal, how much of their RRF award has been used on eligible expenses no later than December 31, 2021. The RRF program rules allow recipients to include any eligible expenses incurred beginning on February 15, 2020 through to the date the report is completed.
Bennett Thrasher, one of the nation’s largest and fastest-growing certified public accounting and consulting firms, is pleased to announce its partnership with restaurant business intelligence leader OneDataSource.
More than seven weeks after the American Rescue Plan Act (ARPA) was signed into law authorizing the $28.6 billion Restaurant Revitalization Fund (RRF), access to this much-anticipated grant program is now within sight. The U.S. Small Business Administration’s (SBA) RRF Application Portal is set to open for account registration on Friday, April 30, 2021 at 9:00 AM EDT.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA) which contains specific provisions for the benefit of restaurant owners. Section 5003 of the ARPA establishes the Restaurant Revitalization Fund (RRF) to include $28.6 billion earmarked for nontaxable grants to eligible restaurant entities. $5 billion of this total amount will be designated for restaurants with 2019 gross receipts of $500,000 or less.
Restaurants are starting to rebound from the effects of COVID-19 and recent legislation introduced by Congress allows restaurants to use the Employee Retention Tax Credit. This credit can generate cashflow of up to $19,000 per employee for 2020 and the first half of 2021, providing needed liquidity and help for the struggling industry.
The coronavirus pandemic has forced business owners to pivot and embrace the changes that have come with this new normal. The restaurant industry in particular has had to adapt, as dining rooms are forced to close, and owners must rethink their ordering and payment processes. These changes have resulted in a primarily off-premise dining strategy. Kinetic12, a management consulting firm operating at the center of the food industry, stresses that these fixes will not be temporary; restaurants must continue to adjust to these changes not only to grow, but to survive.