Congressman Steve Cohen (TN-09) today voted for the Relief for Restaurants and Other Hard Hit Small Businesses Act to replenish funding for restaurants and establish a new program to support other small businesses still struggling with the impact of the pandemic.
The vote on passage was 223 to 203.
Congressman Cohen made the following statement:
“Small businesses are the lifeblood of Memphis’ economy and are helping power our recovery. I was a strong supporter of the American Rescue Plan’s relief programs for restaurants and shuttered venues because I was aware of how entertainment and food service venues in Memphis were affected by the pandemic. This bill builds on those efforts by extending relief to restaurants and providing for other hard-hit businesses that weren’t able to take advantage of past programs. It will ensure Memphis businesses can continue to serve our communities and keep their employees on the job.”
Established through Democrats’ American Rescue Plan, the Restaurant Revitalization Fund distributed $28.6 billion to restaurants across the country – including $295 million for 1,163 Tennessee businesses. Due to the need, the program quickly exhausted its funding before more than 170,000 eligible businesses could access relief. The Relief for Restaurants and Other Hard Hit Small Businesses Act will provide $42 billion to replenish the Restaurant Revitalization Fund so that these restaurants can apply for this assistance.
The bill also provides $13 billion to establish a Hard Hit Industries Award Program to provide awards to small businesses with 200 or fewer employees that have experienced 40 percent or more in lost revenue and were ineligible for the Restaurant Revitalization Fund or Shuttered Venue Operators Grant Program (SVOG).
Additionally, the bill updates the Shuttered Venue Operators Grant Program to provide entertainment venues with more time and flexibility to use federal relief funds.
The bill is paid for from funds reclaimed, seized, or returned to the federal government, primarily from bad actors attempting to defraud pandemic relief programs. It also extends the timeline for SVOG recipients to utilize their grant awards.
Original source can be found here.
