Schedule A Demo

Local Attorneys Highlight New Restaurant Revitalization Fund Bankruptcy Restriction

May 24, 2021
Download as PDF Single Release RSS Feed
Facebook Twitter Google Digg Reddit LinkedIn Email

Crestview, FLA. - The Restaurant Revitalization Fund (RRF) is a program created by American Rescue Plan Act to provide financial assistance to restaurants and other eligible businesses. The newly established program consists of $29 billion in funds and seeks to help the restaurant industry regain losses experienced due to the pandemic. According to local attorneys Lewis and Jurnovoy, a restaurant can declare a loss of up to $10 million per business, but no more than $5 million per location. As long as the funds are used for eligible purposes no later than March 11, 2023, recipients are not required to repay the funding.

However, bankrupt companies are not allowed to apply unless they have a court-approved bankruptcy plan already established. This restriction is a serious problem, as struggling restaurants may not be able to arrange bankruptcy before their funds run out.

Since the establishment of the program, there have already been 147,000 applications submitted with an estimated $29 billion pending, making it unclear if the program will have enough funds for any remaining restaurants that still need to navigate the bankruptcy process.

The funding is meant to be a lifeline for small family-owned businesses that have missed out on other pandemic relief options due to competition with corporations. It seems the funds might not be enough to stimulate the industry, especially with the bankruptcy restriction tacked on.

Lewis and Jurnovoy have been assisting those across the Florida Panhandle with bankruptcy needs for generations. The respected debt relief lawyers are always here to answer bankruptcy questions for those struggling to understand the difficult process. Lewis and Jurnovoy specialize in Chapter 7 and Chapter 13 bankruptcy law, with a dedication to helping solve each individual's finical situation. For more information on debt relief or bankruptcy, call Lewis and Jurnovoy at (850) 409-3350 to set up a free consultation, or visit them online anytime at www.lewisandJurnovoy.com.



SOURCE: Press Advantage [Link]

Download as PDF Single Release RSS Feed
Facebook Twitter Google Digg Reddit LinkedIn Email

About Lewis & Jurnovoy, PA- Crestview:

The primary emphasis of our law firm is in the representation of individuals in Chapter 13 bankruptcy, Chapter 7 bankruptcy,mortgage foreclosures, mortgage modifications and protecting against abusive debt collectors.

Contact Lewis & Jurnovoy, PA- Crestview:

Steven D. Jurnovoy and Martin S. Lewis
1501 S. Ferdon Dr. Crestview, FL 32536
(850) 409-3350

Social Media:

Additional News Releases From Lewis & Jurnovoy, PA- Crestview:

September 21, 2021Crestview Bankruptcy Lawyers Highlight Recent Spike in Collection Activities

August 31, 2021Crestview Debt Relief Lawyers Highlight Backlash from Congress of Legal Releases

July 21, 2021Local Attorneys in Crestview Highlight the Bankruptcy of an Oil Production Company in the Gulf of Mexico

June 21, 2021Local Attorneys Highlight Renting After Filing for Bankruptcy

May 24, 2021Local Attorneys Highlight New Restaurant Revitalization Fund Bankruptcy Restriction

April 22, 2021Lewis and Jurnovoy Highlight Debt Relief Needed Post-Pandemic

March 22, 2021Crestview Bankruptcy Attorneys Highlight the Extension of Bankruptcy Relief

February 25, 2021Crestview Debt Lawyers Highlight the Upcoming End to Mortgage Forbearance Periods

January 26, 2021Bankruptcy Lawyers, Lewis and Jurnovoy Warn Adjust Credit Card Debt

December 18, 2020Local Crestview Attorneys Highlight Avoiding Financial Warning Signs Due to COVID-19