RESTAURANTS Act Nears 50% Congressional Support
The RESTAURANTS act has made significant headway these past few months. According to the Independent Restaurant Coalition (IRC), the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS) Act now has 200 bipartisan House co-sponsors and 40 Senate co-sponsors. This bill was created to inject $120 billion into independent restaurants across the United States that are continuing to struggle due to the effects of the coronavirus pandemic. We’ve outlined more about this bill for you here. As the RESTAURANTS Act nears 50% Congressional support, here is what you need to know.
By hitting this nearly 50% mark of congressional support, the IRC is still fighting strong for you. Don’t forget that you can email or call your local representatives to support this incredibly important bill. According to the IRC, in April alone 5.5. million restaurant workers lost their jobs, which represents 27% of the total jobs lost during that month. Even more devastating, the National Bureau of Economic Research has reported that they estimate only 15% of independent restaurants may survive if the pandemic continues. There is no doubt that this industry needs the direct support from the government and the sooner the better.
Winter months will be here soon and that means many of the restaurants across the U.S. will need to plan for even more obstacles including winterizing outdoor seating in the cold-weathered states as well as a possible surge in the virus causing more mandated closings and restrictions.
If your restaurant needs assistance now while we wait to see the outcome of this bill, we are still here for you. We are remaining committed to our mission of supporting restaurants, even during these trying times. Contact your local loan consultant to learn more about the custom loans that we have available. You can also receive an offer by completing an online application. After submission, you assigned, personal loan consultant will reach out to go over your approval and help you select the best option for your restaurant’s needs.
ARF Financial provides articles, webinars and other content on its website and through email and other means of distribution from time to time provided both by ARF staff, and by other outside authors, for information purposes only. ARF does not warrant the accuracy or completeness of the content, and has no duty to correct or update information contained on its website or as may be otherwise distributed. The views and opinions of outside authors contained in the content provided on the ARF website do not constitute the views and opinion of ARF. Such content does not constitute legal, tax, accounting or financial advice from such authors or from ARF. Each individual or business should seek the advice or consultation of its own professional advisors with respect to the subject matter and content provided and how such information applies to their particular circumstances.