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Restaurant Revitalization Fund: Use of Funds Validation Interim Reporting Deadline Due December 31, 2022

The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds are to be used for specific expenses including, but not limited to the following:

• Business payroll costs (including sick leave);
• Payments on any business mortgage obligation;
• Business rent payments;
• Business utility payments;
• Construction of outdoor seating; and
• Business food and beverage expenses (including raw materials).

Business owners who received RRF monies must use all of these funds by March 11, 2023, on eligible expenses incurred between February 15, 2020, and March 11, 2023. Recipients that are unable to use all RRF funds on eligible expenses by the March 11, 2023 date must return the portion of unused funds to the government.

For all businesses that did not fully expend their award by December 31, 2021, this interim reporting must be repeated by December 31, 2022. If by this current reporting deadline all RRF funds are fully expended, the applicant will be asked to certify (provide the requisite support) these expenses. Since this submission is due no later than December 31, 2022, it is acceptable to use a slightly earlier cutoff date that will allow timely reporting. 

In meeting this December 31, 2022 interim reporting deadline, you will not be required to furnish supporting documentation unless you have met your spending requirement and intend on certifying. However, the final March 11, 2023 reporting deadline is just around the corner so it is important that you start assembling documentation supporting these eligible expenditures. Proper documentation may include copies of invoices, contracts, canceled checks and bank statements.

As the interim reporting deadline of December 31, 2022 is quickly approaching, do not wait to contact your Gettry Marcus Advisor if you have any questions or Andrew P. Ross or Sean Kaplan, the authors of this update.