What’s happening with the Restaurant Revitalization Fund (RRF)?
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
It has been 5 months since the RRF funds were distributed, and as you have probably heard, only 1/3 of the approved applicants received RRF funding. Fortunately, the National Restaurant Association has amped up its lobbying efforts with the 2022 Congress. They feel the best window of opportunity to get legislation passed to properly fund the existing unfunded approved applications is over the next 6 weeks ahead of the State of the Union address on March 1st. We will keep you informed of any developments on this funding initiative for the RRF.
For those who did receive funds, please be sure you’ve completed your required annual reporting for the period ending 12.31.21. The SBA originally stated the due date for this reporting was 12.31.21, however the portal remains open at this time. The SBA has stated that it will close the 2021 reporting period but has not provided a date at this point. Don’t miss out on counting eligible expenses as claims against the grant funds received for the first reporting period of 2/15/20 to 12/31/21..
If you have remaining RRF funds that will be spent during the 2022 period, please be sure you are tracking these and completing the annual reporting until the funds are exhausted. The 2022 portal is currently open, and the reporting can be completed at any time, no need to wait until year end.
There has been no indication of a dollar threshold for audits of grants received under this program, if any. Please keep all documents and calculations of amounts spent and reported under the program for the required 4 year period.
Contact us at CLA if you have any questions about these reporting requirements or questions on any of the other COVID relief programs. We are here as a resource for you.
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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