The Fight Continues For Restaurant Relief Funds

The Fight Continues For Restaurant Relief FundsEven though the second stimulus package negotiations have come to a halt in Congress, one thing remains strong, the fight for restaurant relief funds. The Independent Restaurant Coalition (IRC), armed with restaurant owners, chefs, restaurant employees and others supporting the restaurant industry, are hard at work advocating the bipartisan supported bill – Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive Act (RESTAURANTS Act). Here’s what we know so far about the RESTAURANTS Act as the fight continues for restaurant relief funds.

Both the House and Senate have introduced RESTAURANTS Act bills, both similar in their calls to action to provide separate funding for the restaurant industry aside from the additional stimulus aid and PPP funds that are still being debated.  In the bill, the $120 billion Independent Restaurant Revitalization Fund will be available as grants to the over 500,000 independent, non-chain restaurants to receive the aid they need to survive these hard times.

Details are still being negotiated, but so far grant funds would be available for independent restaurants that have incurred year-over-year loses in 2020. According to the bill, a 14-day prioritization period is expected to be given to restaurants with annual revenues of $1.5 million or less along with marginalized and underrepresented communities. A fund of $60,000,000 would be set aside for underrepresented owners, with a focus on women, veteran, and minority-owned and operated restaurants as well.

According to a study conducted by the IRC, 85% of independent restaurants across the country could close by year’s end without government intervention. These restaurants employ over 11 million people across the country and indirectly support 5 million more people across the supply chain and annually contribute $760 billion in revenue to the U.S. economy. Losing 85% of these jobs and economic contribution just isn’t an option. There has be to more support for this industry and the RESTAURANTS Act is the means to make sure the restaurant industry doesn’t collapse.

Every voice matters, so make sure yours is heard. The IRC provides additional information on how your restaurant can become a part of this movement to ensure these necessary funds make it to the restaurant industry. Continue to fight for your restaurant, your fellow employees and your suppliers. Together we can all come out of this stronger.

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The Fight Continues For Restaurant Relief Funds