After Congress reintroduced the RESTAURANTS Act to provide long-term relief to restaurants as a bipartisan, bicameral effort, and the Senate separately passed the budget resolution amendment for restaurant industry relief during the week of Feb. 4, the $25 billion RESTAURANTS Act is one step closer to passing in Congress after the House Small Business Committee voted to approve the proposal on Wednesday.
During the week of Feb. 15, the House Budget Committee will meet to put the legislation package together and vote on it. The House of Representatives is expected to vote on the full relief package the week of Feb. 22, with a Senate vote to follow if it passes.
Here is what we know so far about the 2021 version of the RESTAURANTS Act legislation that was originally proposed by Rep. Earl Blumenauer (D-Or.) during the last Congressional session and passed by the House in October:
- The $25 billion round of funding would be divided into government-funded grants with a maximum of $10 million per restaurant group or $5 million per individual restaurant location.
- Eligible businesses include foodservice and drinking establishments like restaurants, bars, caterers, breweries, taprooms, and tasting rooms that are not part of an affiliated restaurant group with more than 20 locations. Participants cannot be publicly traded and there are limits on private equity firms. Participants also cannot currently be an applicant for the Shuttered Venues Operators grant program…