Does the Restaurant Revitalization Fund have to be paid back?

Does the Restaurant Revitalization Fund have to be paid back?

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 RRF grant taxable?

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

How much money is in the Restaurant Revitalization Fund?

Commercial landlords whose restaurant and bar tenants have not paid rent should make sure their tenants are aware of the $28.6 billion Restaurant Revitalization Fund.

Who is eligible for RRF?

An applicant will be considered eligible for this priority if it is at least 51% owned by one or more individuals who are women, veterans, or socially and economically disadvantaged, and if the management and daily business operations of the applicant are controlled by one or more such individuals.

Has anyone received 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 Steakhouse: $5 million.

Will the Restaurant Revitalization Fund get more funding?

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.

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.

What can you spend RRF on?

What can I spend my RRF grant on?

• Payroll costs including paid sick leave.
• The principal or interest on any mortgage obligation.
• Rent or lease payments.
• Utilities.
• Maintenance expenses including renovations to accommodate health guidelines such as outdoor seating.
• Supplies such as protective equipment and sanitizing products.

Will the restaurant Revitalization Fund get more funding?

Did the SBA run out of money again?

The SBA informed lenders Tuesday afternoon that the PPP general fund was out of money and that the only remaining funds available for new applications are $8 billion set aside for community financial institutions (CFIs), which typically work with businesses in underserved communities.

Is the RRF a loan?

“It is a grant instead of a loan, and you don’t need to pay it back,” he says. Unlike the Paycheck Protection Program where businesses can get their loans forgiven but must go through the forgiveness process, the RRF does not require that extra step.

Who got money from Restaurant Revitalization Fund?

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.