Additional unobligated Restaurant Revitalization Fund (RRF) money was uncovered according to a recent report released by the Government Accountability Office (GAO). Based on these findings, the U.S. Small Business Administration (SBA) and Justice Department are working on a plan to redistribute $180M of these leftover funds.
Currently, it is unclear when or how the unobligated $180M will be awarded. This would be a welcome relief to the restaurant industry; however, if the entire $180M is awarded, it would only cover .44% of the 150,000+ approved but unfunded applicants. To fund the entire group of unfunded applicants, an additional $41.02 billion would be needed. A bill passed by the House but killed by the Senate earlier this year would have covered that shortfall.
As further details develop, GBQ’s Restaurant Services team will share updates.
Article written by:
Kaz Unalan, CPA
Director, Tax & Business Advisory Services