Recipients of the Restaurant Revitalization Fund(RRF) have until March 11, 2023 to use the funds appropriately, to ensure grant forgiveness.
Entities that received RRF need to submit a Restaurant Revitalization Fund Program Post Award Report (SBA Form 3173) detailing how expenses were used. The SBA will require supplemental documentation to make sure the funds were used in accordance with program guidelines.
Eligible uses for the funds include:
• Business payroll costs (including sick leave)
• Business utility payments
• Business maintenance expenses
• Business supplies
• Business food and beverage expenses
• Covered supplier costs
• Business operating expenses (insurance, marketing, fees, licenses, legal, POS equipment, etc.)
• Construction of outdoor seating
• Expansion costs are ineligible
• Payments on any business mortgage obligation
• Business debt service (including PPP loan repayment)
The Restaurant Revitalization Fund was put in place as part of the American Rescue Act from March 2021. The SBA accepted applications from eligible entities in May of 2021 on a first-come, first-serve basis. A total of 278,304 restaurants were awarded $28.6 billion in grants. These funds provided much-needed assistance for establishments impacted by COVID-19.
At KROST, we were in the forefront with our clients at the beginning to help them apply, and now we are here to help make sure you use the funds correctly and are complying with the SBA standards. To date, KROST has assisted more than 350 entities in obtaining and managing over $1 Billion in PPP loans, EIDL loans, and RRF grants. We also saved our clients over $200 million with PPP forgiveness. If you need guidance on the Restaurant Revitalization Fund, we are here to help.
Contact us for guidance regarding the RRF and reporting requirements.
About the Authors
Stacey Korman, CPA, MST, Principal
Accounting, Sports & Entertainment
Stacey Korman is the Accounting Principal at KROST. She is a key member of our advisory team and is a trusted consultant. Stacey has extensive experience in assurance, advisory, and accounting services, with an emphasis on middle-market companies and high net worth individuals. She has spent her career managing audits, reviews, and compilation engagements. » Full Bio
Sossi Bekarian, CPA, Senior Manager
Sossi Bekarian, CPA, is an Accounting Manager at KROST. She has been with the firm since 2016 and has experience working on engagements for clients in the Manufacturing, Entertainment, service, Restaurant, and medical industries. As a team member of the accounting department, she specializes in the preparation of financial statements, preparations, compilations, offering consulting services, and training and mentoring staff. » Full Bio