Bill To Help Suffering Locally-Owned Restaurants

Many companies have been hurt financially due to coronavirus pandemic. But locally-owned restaurants have been hit the hardest and federal lawmakers are trying to get them much needed help.  According to Spectrum News, lawmakers are hoping to create a one hundred twenty billion-dollar fund that will help locally-owned and small restaurants that are hurting due to the coronavirus pandemic. They are trying to help these establishments from closing their doors forever. There have been many who have already closed. The industry already has the highest unemployment rates as well.

The proposed bill will add aid to cover the difference in revenues from 2019 and the estimated money earned for the rest of the year. Bars and restaurants eligible would those that are not publicly traded or have more than twenty restaurants as part of a chain. The bill would also allow sixty million in funding to businesses owned by veterans, women, and people of color.

Democratic Representative Paul Tonko says of the bill:

“Many of our local establishments have been forced to close temporarily, reinvent their entire operations and lay off workers, and some are facing permanent closure. Our locally-owned restaurants offer vibrancy, jobs and economic opportunity for our Capital Region and beyond. We undermine our own efforts to rebuild our economy if we do not deliver immediate and meaningful support to our small restaurateurs, which is why I urge Congress to advance our bipartisan RESTAURANTS Act and deliver a strong rescue for these vital businesses.”

If the bill passes, it would help a lot of locally-owned restaurants and bars from closing their doors forever.