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.

Is the SBA Restaurant Revitalization Fund taxable?

Funds received from the RRF are not treated as taxable income, and expenditures paid with these funds are tax deductible.

Who created the Restaurant Revitalization Fund?

Written by Anna Nagornaia – Associate, Wendel Rosen’s Business Practice Group The Restaurant Revitalization Fund (RRF) was created to provide direct relief to restaurants and other foodservice venues affected by the COVID-19 pandemic.

Why is the Restaurant Revitalization Fund?

With the passage of the 2021 American Rescue Plan Act, Congress set aside $28.6 billion for the Restaurant Revitalization Fund (RRF) to help food service businesses bounce back from pandemic financial losses.

Are RRF funds still available?

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. … Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Can I still apply for SBA grant?

The U.S. Small Business Administration (SBA) will continue to review and approve Targeted Advance applications received prior to the December 31, 2021, deadline. As of January 1, 2022, SBA can no longer review or approve Supplemental Targeted Advance applications.

Will the Restaurant Revitalization Fund get more money?

Even the current infrastructure bills were expected to be completed much earlier this year. But so far, this potential stimulus legislation is likely to include more funding for the Restaurant Revitalization Fund, as well as for gyms and others, according to the source. Brian Doyle, spokesperson for Rep.

Will there be more funds for Restaurant Revitalization Fund?

While industry groups wait for any additional relief, the bipartisan infrastructure legislation unveiled recently has no extra funding for the RRF or for any other small business grant program.

Is the Restaurant Revitalization Fund going to get more money?

On June 11, 2021, 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.

Is the Restaurant Revitalization Fund taxable in California?

Gavin Newsom said Monday that his administration will exclude forgiven Paycheck Protection Program (PPP) loans and Restaurant Revitalization Fund (RRF) grants from operators’ taxable income.

How is the RRF calculated?

RRFA= (Peak Area A / Conc. A) / (Peak Area IS / Conc.

How is RRF grant calculated?

The grant amount is calculated by taking your eligible expenses and subtracting the gross receipts. This means that for businesses that opened after 2019 to be eligible for an RRF grant, they must have operated at a loss (negative net profit).

Is PPP forgiveness taxable in California?

For California purposes, forgiven PPP loans are excluded from gross income.

Are Eidl grants taxable?

EIDL loan applications are still being processed, but funds allocated to EIDL Advances have been fully allocated and are no longer available. Although these were called ‘Advances’ they are actually grants and do not need to be paid back. Not taxable for Federal and the expenses paid with this advance are deductible.

Who received RRF funds?

In total, 34% of the total grants were distributed to businesses owned by socioeconomically disadvantaged persons, almost 44% went to women-owned businesses and 5.7% were distributed to businesses owned by veterans.

Can you get PPP and RRF?

Yes. The SBA has stated that RRF applicants who received PPP loans are not ineligible, but that PPP loans received by the RRF applicant will affect the applicant’s funding calculation.

How long does RRF take to process?

The SBA estimates that RRF grants will be disbursed within 14 days after the applicant submits a complete application and all required documentation. All RRF funds received must be used before the earlier of March 11, 2023, or the permanent closure of the business (the “Covered Period”).

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.

What is the covered period for Restaurant Revitalization Fund?

March 11, 2023
RRF monies received may be used for any of the following items during the covered period of Feb. 15, 2020, to March 11, 2023. (For permanently closed entities, the covered period ends on the date of closure or March 11, 2023, whichever is sooner.)

Can I get Eidl and RRF?

You can also apply for EIDL, but you cannot use the funds for the same expenses. If you apply for an RRF after receiving PPP funds, that will affect your RRF total.

Can I apply for RRF and SVOG?

If you have a pending application for or received a Shuttered Venue Operators Grant (SVOG), you cannot apply for RRF. However, if your SVOG application was denied, you can apply for RRF.