Friday, 27 January 2023

Thompson votes to provide additional financial relief to restaurants

On Thursday, Rep. Mike Thompson (CA-05) voted to pass the Relief for Restaurants and other Hard Hit Small Businesses Act and provide tens of billions of additional dollars to the Restaurant Revitalization Fund. Rep.

Thompson voted for the American Rescue Plan Act in 2021 which established the Restaurant Revitalization Fund, or RRF, and provided funding to help restaurants and other eligible businesses keep their doors open.

“The COVID-19 pandemic has significantly impacted restaurants across the country, and one of my top priorities was delivering financial relief to keep doors open and employees on payroll,” said Thompson. “The Restaurant Revitalization Fund provided aid directly to restaurants but quickly ran out because the need was so great. I am proud to be pushing for replenishing this vital fund, and I implore my Senate colleagues to expeditiously take up this legislation to send this relief directly to our hardest-hit businesses.”

This bill provides $42 billion to replenish the Restaurant Revitalization Fund — allowing the Small Business Administration to process the remaining requests and award much needed grants to establishments still struggling as a result of the pandemic.

H.R. 3807 also provides $13 billion to establish the Hard Hit Industries Award Program — an SBA initiative to assist small businesses from across industries that were hardest hit by the pandemic and lost revenue but were not eligible for other grants or awards.

Businesses eligible for these grants would have 200 or fewer employees and have experienced 40% or more in lost revenue as a result of the COVID-19 pandemic.

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