The Restaurant Revitalization Fund (RRF) will officially stop accepting nominations on Monday, May 24 at 8 p.m. ET, the U.S. Small Business Administration (SBA) said.
Although the app window doesn’t close until Monday, it remains open to smaller on-site food and beverage providers. The SBA revealed last week that the RRF had received requests asking for more than double the $ 28.6 billion allocated by Congress to fund grants to restaurants, bars and other eligible businesses hit hard by the COVID-19 pandemic.
In a press release Tuesday evening, the SBA said the RRF program had received more than 303,000 applications, requesting a total of nearly $ 70 billion, but that more than $ 220 million remained available of the $ 500 million set aside. restaurant establishments with annual revenues for 2019 of no more than $ 50,000.
Food and beverage suppliers who meet the revenue standard of $ 50,000 are encouraged to apply through SBA-recognized outlet providers or directly through the SBA’s online application portal, said the agency.
Congress created the RRF to provide food and beverage suppliers with subsidies equal to their lost revenue from the pandemic, up to $ 10 million per business and no more than $ 5 million per physical location. The funds can be used for qualifying expenses, such as payroll and rent.
The vast majority of FRR funds appear to go to eligible businesses owned by women, veterans, and socially and economically disadvantaged people. The American Rescue Plan Act, PL 117-2, which created the RRF, required these businesses to receive priority review during the first 21 days of the program, which opened on May 3.
In the first two weeks of the program, the SBA received applications from over:
- 122,000 women entrepreneurs.
- 14,000 seasoned business owners.
- 71,000 economically and socially disadvantaged people.
These groups account for 57% of the FRR applications received by the SBA and the vast majority of the $ 6 billion in grants approved by the SBA for 38,000 applications.
AICPA members can access a detailed summary of the RRF.
AICPA experts discuss the latest PPP programs and other small business support programs at a virtual town hall held every two weeks. The webcasts, which provide CPE credits, are free for AICPA members and $ 39 for non-members. To go to the AICPA Town Hall Series web page for more information and to register. Recordings of Town Hall events can be viewed free of charge at AICPA television.
the AICPA Paycheck Protection Program Resources Page houses resources and tools produced by the AICPA to help cope with the economic impact of the coronavirus.
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– Jeff drew ([email protected]) is a JofA editor-in-chief.