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The House Small Business Committee has folded into the Biden coronavirus relief proposal a rescue plan that would give ailing restaurants and other food and drinking establishments $25 billion in grants and provide additional relief to shuttered live venues and much more. The program would be administered by the Small Business Administration.
Also in the bill:
On a much larger scale, there is legislation recently introduced in the House and Senate (H.R. 793/S. 255), the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS) Act, that proposes the creation of a $120 billion restaurant revitalization fund. Grants would flow through the Treasury Department and would be available to restaurants for expenses between February 2020 and eight months after enactment. The money may be used for payroll, food, utilities, rent, supplies and maintenance.
Senators Kyrsten Sinema (D-AZ) and Roger Wicker (R-MS) are the chief Senate sponsors; Representatives Earl Blumenauer (D-OR) and Brian Fitzpatrick (R-PA) are the leads in the House.
There are other stipulations: priority is given to restaurants in marginalized/underrepresented communities; it is designed for those with annual revenue of less than $1.5 million; if the business received a PPP loan then it is ineligible; food trucks and bars are included; the business must have fewer than 20 locations; if there is money that is unused by a certain time period, that amount converts to a low interest loan.
ICSC will continue to keep you apprised of further developments.