Restaurant Revitalization Fund (RRF) Reporting UPDATE
We welcome another guest blogger to the restaurant blog today, Rachael O’Leary, a tax principal in our CLA Chicago office. Rachael can be reached at: rachael.oleary@claconnect.com
If your restaurant received an RRF grant, the first annual report is due on December 31, 2021. This reporting of how much of the award has been used against each eligible use category should reflect any RRF funds used from the beginning of the covered period (February 15, 2020) and December 31, 2021. Keep in mind this program runs through March 11, 2023 so you still have time to put these funds to use!
Recipients will be required to file this annual report each year (December 31, 2022 and March 11, 2023) until they have spent all the funds
You can log into the SBA portal to complete this information or see the attached link Restaurant Revitalization Fund Program (sba.gov) to begin pulling this information together. We recommend that you keep a detailed log of all of the expenses that you are claiming on the report which is done at the summary level in case the SBA asks for detailed support. Please reach out to your CLA advisor with any questions or if we can help you pull this information together.
Karen is a Principal in the CLA Bizops practice specializing in serving restaurant clients as a CFO. She has 25 years of experience in the retail and restaurant industry with senior management positions at Wilsons Leather, Famous Dave's, and a division of Hallmark Cards. She is based out of Minneapolis, MN
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