Rrf fund replenishment. May 12, 2022 · The bill, introduced by Sens.

Rrf fund replenishment As you know, the RRF was established by the American Rescue Plan (ARP), and provided direct assistance to restaurants affected by the COVID-19 pandemic. Senate failed to advance the Small Business COVID Relief Act of 2022 (S. The RRF’s original allocation of $28. R. 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 per physical Use of Funds Validation is now available for Restaurant Revitalization Fund awardees. The term private equity fund has the meaning given the term in section 225. This is not an infusion of funds into the RRF currently; in fact, a new law was introduced and passed by the House of Representatives to replenish the RRF with more than $40 billion, but it did not pass the Senate Jun 9, 2021 · The Restaurant Revitalization Fund Replenishment Act of 2021 would more than double the original $28. As for the RRF Replenishment Act, the funding would essentially come from “printing” an additional $60 billion. Per the text of the bill, the ENTREE Act would use unspent funds from the American Rescue Plan and Economic Injury Disaster Loans. C. House of Representatives voted yes on a bill that would provide $42 billion in relief to foodservice businesses to the two-thirds of original RRF applicants Mar 8, 2022 · The replenishment of the Restaurant Revitalization Fund won’t be part of a massive spending package unveiled in coming days as the Senate prepares to move the text of omnibus funding bill. As the NYC Hospitality Alliance keeps fighting to replenish the Restaurant Revitalization Fund (RRF), we wanted to provide you an update since so many of you regularly inquire about its status. The National Restaurant Association (NRA) has been in close contact with the sponsors of the RESTAURANTS Act and is pleased to announce that the RRF Replenishment Act will be introduced. Ben Cardin (D-MD) and Roger Wicker (R-MS), includes $40 billion for RRF replenishment and $8 billion in support for other industries impacted by the pandemic. 2, the Independent Restaurant Coalition urged Sen. May 20, 2022 · A Glimmer of Hope: The Restaurant Revitalization Fund Replenishment Act of 2021. We must extend America’s promise of opportunity to all who Jul 14, 2021 · Patrons curious about whether their favorite restaurant was awarded a grant from the Restaurant Revitalization Fund (RRF) can now access a database containing the names and amounts for all RRF grants approved by the U. The senators sought unanimous consent from Apr 7, 2022 · Private equity fund. Aug 3, 2022 · While the $180 million is less than one percent of the total money allocated to the RRF, it represents a small win for restaurants, despite the fund’s larger shortfall in funding. 4008), ending the possibility of replenishing the Restaurant Revitalization Fund (RRF). It needs 10 Republican votes to pass. Aug 29, 2022 · This is not an infusion of funds into the RRF currently; in fact, a new law was introduced and passed by the House of Representatives to replenish the RRF with more than $40 billion, but it did not pass the Senate (See June 2022 update below). 3807 marks the first major step toward a refill of RRF since the fund closed in May 2021. IRC Executive Director Erika Polmar said on the media call that there is still much work to be done to ensure Congress "take swift action to turn this glimmer Jun 10, 2021 · Tomorrow, Congress will unveil the Restaurant Revitalization Fund Replenishment Act of 2021 to provide $60 billion in additional funding for the Restaurant Revitalization Fund. On April 7, 2022, the House of Representatives passed legislation that would provide $42 billion for the replenishment of the RRF. This Restaurant Revitalization Fund Replenishment Act of 2021 has yet to be voted on. According to the Small Business Administration (SBA), more than 362,000 applications for a total of $75 billion in funding were received in the three weeks the RRF Apr 14, 2023 · On Thursday, the congressmen introduced the Restaurant Revitalization Tax Credit to help the roughly 200,000 operators who applied for RRF grants but didn’t receive funding. H. Update on RRF Replenishment and More The NYC Hospitality Alliance continues to fight with advocates around the country to replenish the Restaurant Revitalization Fund (RRF), which 65% of eligible businesses in New York were shutout of when the relief money was quickly exhausted. “… right now we’re not sure if those votes are there,” an Association spokesperson said in an email. 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. Kyrsten Sinema, to push to include a replenishment of the RRF in the Inflation Reduction Act of 2022, a major spending bill currently before the Senate. The Restaurant Revitalization Fund Replenishment Act of 2021 Aug 29, 2022 · The SBA is set to award an added $180 million in unspent funds allocated for the Restaurant Revitalization Fund (RRF) back in 2021. Jun 14, 2021 · The SBA estimates that they need at least an additional $50 billion to fund the applications submitted before the application portal was closed. Congress. S. Last month, the U. To amend the American Rescue Plan Act of 2021 to increase appropriations to the Restaurant Revitalization Fund, and for other purposes. 6 billion of relief for restaurants and was introduced as a bipartisan effort again by Sens As we’ve told you, all hope is not lost because the Restaurant Revitalization Replenishment Act was introduced in Congress, which if enacted will add $60 billion in additional funding to the program, covering the more than $40 billion in outstanding RRF applications that were shutout of the program when the fund’s $28 billion was exhausted. 6 billion, meted out in grants of up to $10 million per applicant, was depleted in about three weeks. The vote is a devastating blow to the restaurant industry and small business operators. 6 billion program was depleted. Apr 10, 2022 · August 8th – the RRF Replenishment Act is stopped from passing after a senator objects September 10th – the IRC conducts a survey and finds that 82% of operators will be forced toclose if no RRF replenishment is passed; Here is what has been proposed to help save the situation: 1. Apr 6, 2022 · It calls for allocating another $40 billion for the Restaurant Revitalization Fund (RRF), or at least enough to cover the 177,000 applications that were shelved after the program ran out of money. This past weekend, Senator Schumer joined Senator Cardin to introduce a bipartisan bill to replenish the RRF. By December 31, 2021, all Awardees are required to report through this application portal how much of their award has been used against each eligible use category. Jun 7, 2021 · Update: And just like that, the replenishment of the Restaurant Revitalization Fund (RRF) may be alive again. Jun 9, 2021 · Congress introduced legislation Thursday to replenish the Restaurant Revitalization Fund with a $60 billion second round of restaurant relief, after the U. Aug 9, 2021 · In June, Congress introduced the Restaurant Revitalization Fund Replenishment Act of 2021 to replenish the fund with $60 billion, but the legislation was never voted on. 3807 (117th). Apr 7, 2022 · Earlier this week, ahead of today’s vote, the National Restaurant Association issued another letter to Congress, encouraging passage of RRF fund replenishment, saying 20% of restaurants currently are threatened by economic conditions. Apr 7, 2022 · The House's passage of H. More than 278,000 restaurants applied for RRF grants, with 101,000 applications funded before the $28. The IRC and NRA celebrated this victory for the restaurant industry. us, a database of bills in the U. 5 days ago · April 7, 2022. A bill to refill the RRF with more than $40 billion passed the House of Representatives, but failed to pass the Senate earlier this year . “By severely underinvesting in RRF, Congress inadvertently created an unfair lottery of winners and losers. “Today’s news that Congress is walking away from the RRF is a gut punch to the 177,000 restaurants who now have some incredibly difficult […] Oct 4, 2024 · The Recovery and Resilience Facility (RRF) is a temporary instrument that is the centrepiece of NextGenerationEU-the EU’s plan to emerge stronger and more resilient from the current crisis. May 19, 2022 · Washington, D. May 12, 2022 · The bill, introduced by Sens. Small Business Administration Aug 9, 2021 · In June, Congress introduced the Restaurant Revitalization Fund Replenishment Act of 2021 to replenish the fund with $60 billion, but the legislation was never voted on. Jul 28, 2021 · A technical replenishment of the RRF was proposed to Congress in June by Senators Kyrsten Sinema (D-AZ) and Roger Wicker (R-MS) and Representatives Earl Blumenauer (D-PA) and Brian Fitzpatrick (R-PA). Lawmakers passed the bill mostly along party lines, 223-203. Small Business Administration (SBA). This legislation, first introduced by Congress in June of 2021, aimed to inject $60 billion into the RRF to fund a much-needed second wave of the RRF. Aug 3, 2022 · On Aug. Aug 10, 2021 · Sourcing the $60 billion to replenish the RRF. (May 19, 2022) – Today, the U. Sep 16, 2021 · We are writing to respectfully request that any upcoming reconciliation package include a substantial replenishment of the Restaurant Revitalization Fund (RRF). (11) Publicly-traded company. In GovTrack. May 19, 2022 · The vote dashed hope of replenishing the Restaurant Revitalization Fund, which ran dry with 177,000 operators looking in from the outside. 173(a) of title 12, Code of Federal Regulations, or any successor regulation. May 13, 2022 · Joanna Fantozzi. Through the Facility, the Commission raises funds by borrowing on the capital markets (issuing bonds on behalf of the EU). We would like to show you a description here but the site won’t allow us. yyfw tdjjxvpml qvxig rbpjhu tkd omnkkb qsef bgquq rdl zlv yadajtcu syabk ksaow bhofw uemf