Breaking News: House passes American Rescue Plan
HOUSE PASSES AMERICAN RESCUE ACT PLAN!
Plan includes $28.6B Restaurant Revitalization Fund
With today’s vote approving the American Rescue Plan, Congress has delivered on the restaurant-specific relief that small and independent restaurants deserve after closures, increased costs, and decreased revenues have threatened their ability to stay in business for nearly a year. President Biden is expected to sign the bill quickly, setting the stage for the Small Business Administration to administer the restaurant-specific grant program known as the Restaurant Revitalization Fund (RRF). With $28.6 billion set aside to provide up to $5 million to eligible restaurants, we’re grateful to see a program that will target relief to some of the smallest and hardest hit businesses enduring this pandemic.
The RRF reflects our year-long effort together to help restaurants in need and builds on additional relief tools we advocated for and secured including:
Creating the Paycheck Protection Program (PPP)
Passing the PPP Flexibility Act
Ensuring PPP recipients wouldn’t lose critical tax deductions
Expanding the Employee Retention Tax Credit
Creating a Second Round of PPP with favorable restaurant terms, and
Defeating efforts to eliminate the tip credit.
No one program will erase the economic toll created by the past year, but our work with the National Restaurant Association and state partners has created another important victory for restaurants, their workers, and the communities who depend on them.
UPCOMING MUST ATTEND WEBINARS
Restaurant Industry Update with GRA President + CEO, Karen Bremer
Hosted by Georgia Restaurant Association
Friday, March 12 | 9:30AM – 10:00AM
US Chamber Small Business Update – focused on the American Rescue Plan Act, featuring Sean Kennedy from the National Restaurant Association
Hosted by US Chamber
Friday, March 12 | 12:00PM – 1:00PM
Restaurant Revitalization Fund - Next Steps
Hosted by National Restaurant Association
Monday, March 15 | 1:00PM – 2:00PM