Restaurant Revitalization Fund
The Restaurant Revitalization Fund (RRF) is a $28.6B SBA grant program established through the American Rescue Plan Act. The grant is calculated by taking your 2019 gross receipts and backing out your 2020 gross receipts and PPP loan funds. Many businesses in the food and beverage industry have been struggling through the pandemic. Our Associate firm are prepared to help guide you through the complex grant process. This time sensitive program will allow you to quickly infuse funds into your business. Let our Partners and Associates assess the opportunity, maximize benefits, and manage the grant process from application to approval. They will keep your business in compliance and provide audit support. About RRF: $10,000,000 Maximum per grant. $5,000,000 Maximum per location. Restaurants with 20 or fewer locations are eligible for this program. Grants can cover eligible expenses incurred between February 15, 2020 to December 31, 2021. Unused grant funds must be returned. Initial period that prioritizes businesses owned by women, veterans, and economically disadvantaged. Not subject to federal income tax $24.5 B
R-2020-57, March 20, 2020 WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members.
The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.