House Passes Revitalization Fund, PPP Deadline, Illinois Conventions

The Illinois Restaurant Association continues to engage with local, state, and federal officials to help employers and employees address concerns about COVID-19.

Please see the below resources and information for your business - updated as of 1:50 p.m. on Wednesday, March 10.

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House Passes Restaurant Revitalization Fund - What You Need to Know

Moments ago, the House of Representatives passed the American Rescue Plan, which includes the $28.6B Restaurant Revitalization Fund (RRF) to help save countless small businesses and jobs. The package will now go to President Biden, who will sign it into law later this week.

Click here for a brief video update from IRA President & CEO Sam Toia.

Click here for a breakdown of the Restaurant Revitalization Fund (RRF), including details on eligibility, prioritization, and distribution. Below are high-level components of the RRF:

• Grant Maximum – The total grant amount for an eligible business and any affiliated businesses is capped at $10 million and is limited to $5 million per physical location of the business.

• Eligible Expenses – Funds must be spent on payroll; principal or interest on mortgage obligations; rent; utilities; maintenance including construction to accommodate outdoor seating; supplies such as protective equipment and cleaning materials; normal food and beverage inventory; certain covered supplier costs; operational expenses; paid sick leave; and any other expenses that the SBA determines to be essential to maintaining operations.

• Covered Period – Eligible expenses are those incurred from February 15, 2020 to December 31, 2021, or a date determined by the SBA. If all grant funds are not spent by the business, or the business permanently closes before the end of the covered period, the business must return unused funds to the Treasury.

For the past 12 months, the IRA, National Restaurant Association, and partners around the country have urged Congress to pass dedicated financial support for the restaurant and hospitality community. Thank you to everyone that has been so critically engaged in our campaigns for enhanced relief for operators and their employees.

Sen. Feigenholtz - Illinois Needs a Plan to Bring Back Conventions

Last month, the IRA testified at an Illinois Senate Tourism and Hospitality Committee hearing about the need for a strategic plan to reopen the restaurant, hotel, convention, and tourism industries of Illinois.

Senator Sara Feigenholtz (6th), Chair of the Tourism and Hospitality Committee, continues to urge the state to adopt forward-thinking plans to allow larger events and conventions throughout the state.

Click here to read Senator Feigenholtz's recent op-ed in Crain's Chicago Business.

Reminder - PPP Deadline Approaching, Loans Available Through ACAP and The Loan Source

As a reminder, businesses have until Wednesday, March 31 to apply for the latest round of the Paycheck Protection Protection (PPP).

The IRA recently announced a new partnership with ACAP and The Loan Source to serve as a source to help restaurant and hospitality industry businesses apply for PPP loans, and streamline the process for loan forgiveness. 

ACAP & The Loan Source are experts in securing PPP loan funding fast from various lenders, while making the forgiveness process seamless. ACAP & The Loan Source manage $4.7 billion in PPP loans, helping service small business owners. By keeping the process simple, ACAP has been able to provide better services to save you time and money.

If you are seeking a lender to facilitate your PPP loan, please consider utilizing this resource for the hospitality industry. 

Click here to learn more and begin the process. Click here for additional resources for checking applications, forgiveness overviews, and more.

Tomorrow Morning - Managing Taxes, Finances, and Cash Flow Webinar

Join the IRA and panelists from Plante Moran and Taft LawThursday, March 11 at 10:00 a.m. for a webinar providing expert ideas and guidance for your taxes and finances, as well as info on the Employee Retention Tax Credit (ERTC), and preview of the Restaurant Revitalization Fund (RRF), and more.

Este seminario web se transmitirá en inglés y español.

This webinar is being provided in partnership with Cook County Board President Toni Preckwinkle and the Cook County Community Recovery Initiative.

Click here to register.

Removal of Tariffs on EU Goods

Last Friday, the United States and European Union agreed to suspend all tariffs related to the dispute over Boeing and Airbus subsidies. The four month suspension will result in the removal of tariffs on agricultural, industrial, and consumer products worth $11.5 billion including wine, whiskey, cheese, olives, nuts, and other food items from the EU.

This is welcome news, as the National Restaurant Association has worked over the last year with other impacted trade groups to end these tariffs. Removing these tariffs is a big win for the restaurant industry and will help restaurants begin to recover amid the pandemic and resulting shutdowns. 

Suspension of the tariffs also marks a first step towards improving our trade partnerships with the EU and will allow the time and space to create a more permanent negotiated solution.

We will continue to work with the Administration and Congress to ensure that no additional tariffs are put in place and that restaurants have access to free and open trade.  

Click here to read more.