Is the SBA Restaurant Revitalization Fund out of money?

Is the SBA Restaurant Revitalization Fund out of money?

A $28.6 billion federal relief fund for restaurants and other food businesses closed on Wednesday after running out of money, having fulfilled fewer than a third of the grant requests it received. Around 105,000 businesses were approved for grants, which averaged just over $272,000.Oct 7, 2021

What happened to the Restaurant Revitalization Fund?

— Nearly four months ago, the Restaurant Revitalization Fund abruptly closed, leaving nearly two-thirds of the businesses that applied without any relief. Many say if money isn’t replenished, their chances of survival are slim. Stepping into Lexington Market in Baltimore is like walking into a history book.

How long does SBA Restaurant Revitalization Fund take?

After the first 21 days, the SBA will fund all eligible applications on a first-come, first-serve basis. Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said.

Will there be a second round of Restaurant Revitalization Fund?

Another round of the Restaurant Revitalization Fund is looking less likely. In June 2021, the Restaurant Revitalization Fund Replenishment Act of 2021 was introduced as a $60 billion piece of legislation in a bipartisan effort by Sens. Kyrsten Sinema (D-AZ) and Roger Wicker (R-MS) and Reps.Jan 5, 2022

Will there be more funds for Restaurant Revitalization Fund?

In June 2021, the Restaurant Revitalization Fund Replenishment Act of 2021 was introduced as a $60 billion piece of legislation in a bipartisan effort by Sens. Y.), introduced legislation to add $48 billion in emergency funding to the depleted Restaurant Revitalization Fund.Jan 5, 2022

When did the Restaurant Revitalization Fund end?

The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on .Jul 2, 2021

Is the Restaurant Revitalization Fund first-come first serve?

After the first 21 days, the SBA will fund all eligible applications on a first-come, first-serve basis. Approved applicants should expect an average of 14 days for processing, review, approval, and funds distribution, the SBA said. The funds can be used for eligible expenses, such as payroll and rent.

Is the Restaurant Revitalization Fund over?

The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund (RRF) after awarding the program’s full $28.6 billion appropriation to more than 100,000 restaurants, bars, and other businesses that provide on-site food and drink.Jul 6, 2021

Has anyone received the Restaurant Revitalization Fund?

Several well-known restaurants received large grants Several larger and more famous restaurant groups received larger RRF grants of more than $1 million, including: Momofuku Restaurant Group: $6.8 million. Mighty Quinn’s Barbecue (4 units): $5.8 million. Peter Luger SteakhousePeter Luger SteakhouseGerman-born Peter Luger (1866–1941) was the owner, and nephew Carl was the chef. When Peter died in 1941, his son Frederick took over and the restaurant declined. In 1950, Frederick shut the restaurant and put it up for auction. Bernard and Lester Magrill, local auctioneers and frequent patrons, conducted the auction.https://en.wikipedia.org › wiki › Peter_Luger_Steak_HousePeter Luger Steak House – Wikipedia: $5 million.

Whats going on with the Restaurant Revitalization Fund?

The Small Business Administration’s Restaurant Revitalization Fund was supposed to be a lifeline for pandemic-ravaged restaurants. But new reports indicate that, in fact, more than 250,000 restaurants that applied for relief did not receive it, and now the fund is shutting down because it’s out of money.Jul 2, 2021

Is Restaurant Revitalization Fund getting more money?

On , the Restaurant Revitalization Fund Replenishment Act of 2021 (Replenishment Act) was introduced in Congress to provide the RRF with an additional $60 billion. Co-sponsored by 208 Democrats and Republicans, the Replenishment Act is still pending.

Who got money from Restaurant Revitalization Fund?

More than 60 percent of the program’s funding — $18 billion — went to businesses run by women, veterans and historically underserved groups, mostly during an initial 21-day exclusivity period.

Is there any money left in the Restaurant Revitalization Fund?

A $28.6 billion federal relief fund for restaurants and other food businesses closed on Wednesday after running out of money, having fulfilled fewer than a third of the grant requests it received. Industry groups called for lawmakers to give the fund more money.Oct 7, 2021

What is the covered period for Restaurant Revitalization Fund?

RRF monies received may be used for any of the following items during the covered period of , to . (For permanently closed entities, the covered period ends on the date of closure or , whichever is sooner.)May 4, 2021

Has anyone received funds from the Restaurant Revitalization Fund?

In the end, restaurants and other eligible businesses owned by members of prioritized groups received about $18 billion in grants, with the remainder of the $28.6 billion awarded to eligible applicants not identified as part of an underserved group, the SBA said.

Do you have to pay back the Restaurant Revitalization Fund?

An eligible restaurant business may receive a tax-free federal grant equal to the amount of its COVID 19 pandemic-related revenue loss. Unlike the PPP, the RRF is a grant, which means you do not need to pay it back.

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