We are pleased to provide an update to our previous article regarding the RESTAURANTS Act of 2020 that was deemed a restaurant stabilization grant program focused specifically on independently owned restaurants. While this legislation was never passed into law, earlier this month, the proposed bill was reintroduced as the RESTAURANTS Act of 2021 with bipartisan support. Modeled after the original proposed legislation in 2020, one critical difference now allows franchise owners to participate. Please refer back to the original article to explore the main points of the bill.
In addition to the reintroduced Restaurants Act of 2021, a separate restaurant recovery fund, estimated to be $25 billion as part of the proposed budget resolution, was also established. The $25 billion RESTAURANTS Act will be voted on by the House during the week of February 22nd. If it passes, a Senate vote will follow. This recovery fund’s main points, including the grant calculation, are summarized in this article by Restaurant Hospitality.
Stay tuned as we keep abreast of the latest developments of these proposed bills. If you have any questions, please contact Dustin Minton.