The Restaurant Revitalization Fund Has Closed

The Small Business Administration has officially closed the application portal on the Restaurant Revitalization Fund. The full appropriation of $28.6B was awarded to over 100,000 food and beverage operators.

On June 8th of this year, a bi-partisan group of senators and congressmen introduced legislation to refund the program with an additional $60B. Supposedly over 362,000 applications were received with the funding only going to a small ratio of that number.

Further, the SBA was forced to halt and rescind funds from its program that gave economically disadvantaged and female owned businesses priority. Courts in Texas and Tennessee ruled that it was unconstitutional. More than 2900 applicants that were already approved, received emails from the SBA saying that they could not receive the grants due to the litigation.

Most of the organizations that received funding either applied in the first few days or were initially prioritized.

The bill to replenish the RRF seems stalled in Congress. Given the Administration’s other legislative difficulties, we’ll see if it gets anywhere.

Let me leave you with this.

The New Administration’s plan to increase taxes seems to be going nowhere. Organizations such as the U.S. Chamber of Commerce, the National Association of Manufacturers, and National Retail Federation to name just a few, have begun a massive lobbying effort to defeat the increases.

Let’s remember that the only real job of any politician is getting re-elected. In this country, you need money for that. When armies of lobbyists gird their loins with only one thing in mind, these politicians have a tendency to take notice.

The administration was trying to tie the infrastructure bill to the tax hikes assuming that they would get the increases passed through a reconciliation measure. but that seems to have ended as well.

I just don’t understand why our elected officials don’t understand the most basic concept of taxation which is that voters vote with their feet. Especially in today’s virtual world when they raise taxes, entrepreneurs will leave and do business where they can keep the most of their money.

Stay tuned. There’s much more to follow on this continuing story.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500

www.AccountingSolutionsLtd.com

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