VIRGINIA BEACH, Va. (WAVY) – Congresswoman Elaine Luria announced on Thursday that she will be cosponsoring legislation that will provide economic relief to areas of the foodservice industry impacted by the pandemic.
The Real Economic Support That Acknowledges Unique Restaurant Assistance Needed to Survive (RESTAURANTS) Act is a bipartisan bill that would establish a $120 billion grant fund to distribute forgivable loans to food service, dining establishments, and caterers.
“Throughout this pandemic, I have continued to support solutions to assist small business owners in our community as we weather this unprecedented crisis.
“Our food services industry has been hit extremely hard by COVID-19, which is why the RESTAURANTS Act would provide funds to cover payroll, benefits, rent or mortgages, utilities, and maintenance. This bill will allow our beloved dining establishments to stay open and preserve the jobs of countless Coastal Virginians.”
Luria recently voted for the CARES Act that established the Paycheck Protection Program (PPP) which distributes low-interest loans to small businesses and nonprofits. Although the PPP was a necessary step to assist small business owners, it was not perfect, which is why the Congresswoman cosponsored the PPP Flexibility Act.
This bipartisan bill would allow business owners to use PPP loans over longer time periods and provide flexibility for businesses struggling to meet the SBA’s requirement that 75% of loan proceeds go toward payroll costs.
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