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Program details. 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. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million.
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April 1, 2022 · 3 min read. It's been eight months since the Restaurant Revitalization Fund ran out of money. Even though pandemic restrictions have eased, many U.S. restaurants still struggle.
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WASHINGTON - Today, the U.S. Small Business Administration will begin delivering economic relief from the Restaurant Revitalization Fund, established by the American Rescue Plan and signed into law by President Joe Biden, to more than 16,000 approved applicants. This first round of funding represents over $2 billion of relief awarded since last Monday's successful program launch.
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The U.S. Small Business Administration (SBA) is awarding funding through the Restaurant Revitalization Program to restaurants, bars, and other similar places of business that serve food or drink. The purpose of this funding is to provide support to eligible entities that suffered revenue losses related to the COVID-19 pandemic.
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After nearly a year in the throes of the worldwide COVID-19 pandemic and ensuing economic fall-out, the fight for federally backed restaurant relief wages on.. The CARES Act, The Paycheck Protection Program (PPP), and The Main Street Lending Program failed to provide restaurants with the funding needed to guarantee their survival.Since June, the hope for another bout of federal relief has.
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Help for customers. Restaurants say they saw an updraft in spending after the federal government sent a $1,200 relief check to Americans earning less than $99,000 annually. The aid bill passed in Congress at the start of the pandemic also sweetened unemployment insurance payments by $600 per week.
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Federal relief for restaurants is one step closer. The Small Business Administration has announced that restaurant owners and operators can register for the SBA application portal ( https.
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A new bill could create a tax credit for thousands of restaurants that missed out on a popular Covid-19 relief program. Lawmakers are aiming to provide restaurants locked out of the Restaurant.
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The American Rescue Plan Act (ARPA) became public law on March 11, 2021 and established the RRF. ARPA appropriated $28.6 billion for RRF, authorizing SBA to award funds. The appropriations remain available until expended. Fund must be used for eligible uses no later than March 11, 2023.
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It is 7K per employee per quarter. That adds up to a lot of $$. Just to clarify, the government will send you checks for each quarter. So if you amended Q1 2020 return and had 10 employees not including owners and they all qualified then you would get $70K for that quarter.
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With the Payment Protection Program (PPP) now out of money, restaurants are turning to a new, more targeted federal relief program. The $28 billion Restaurant Revitalization Fund approved by.
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A crisis relief fund to direct money to organizations leading on-the-ground efforts in the restaurant community, to provide zero-interest loans to businesses to maintain payroll during closure or reopen once this crisis has passed, and to establish a relief fund for individual workers facing economic hardships or health crises as a direct.
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President Biden signed RRF into law on March 11, 2021, as a part of the American Rescue Plan Act. The Restaurant Revitalization Fund application window opened on May 3rd for all applicants. Approximately 303,000 applications flooded in by May 18, requesting $69 billion in relief funds from a $28.6 billion program.
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The restaurant industry has been among the hardest-hit sectors during the economic downturn caused by the COVID-19 pandemic. To help bring jobs back and revive the industry, the American Rescue Plan, signed into law by President Joe Biden, established the $28.6 billion Restaurant Revitalization Fund at the U.S. Small Business Administration (SBA).
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Eligible establishments can now apply for aid up to $10 million per business and no more than $5 million per physical location. President Joe Biden signed the $1.9 trillion American Rescue Plan.