Crow Cosponsors Legislation to Support Struggling Restaurants
As dining continues to be limited and restaurants across Colorado struggle to stay afloat, Congressman Jason Crow (CO-06) is backing a bipartisan proposal to establish a stabilization fund to help independent restaurants. The Real Economic Support That Acknowledges Unique Restaurant Assistance Needed to Survive (RESTAURANTS) Act of 2020, which Crow is cosponsoring, would establish a $120 billion restaurant stabilization grant program designed to help independent restaurants deal with the long-term structural challenges facing the industry due to COVID-19 and ensure they can re-employ workers and stay in business.
“Restaurants in Colorado and across the United States have been devastated through massive drops in revenue over the past few months. The pandemic and subsequent economic shutdown have particularly hurt smaller restaurants,” Crow stated. “These establishments are facing increasingly difficult challenges as they work to safely reopen for customers and staff. The 6th district is the proud home to many family-run and independent restaurants who are an essential part of our economy and community. This bipartisan legislation will provide critical relief to independent restaurants and I’m proud to support it as Congress works to respond to the COVID-19 pandemic.”
Restaurants are facing months of massive revenue losses, rising costs of supplies, new expenses for personal protective equipment, and a decreased capacity for service. The RESTAURANTS Act would provide grant values to cover the difference between revenues from 2019 and projected revenues through 2020, with a maximum grant of $10 million which would not need to be paid back. The program, which would be made available through 2020, would be administered by the Department of the Treasury and available to food service or drinking establishments that are not publicly traded or part of a chain with 20 or more locations doing business under the same name.
As a member of the Small Business Committee, Crow has continued to fight for and prioritize the needs of independent and family-owned restaurants. Crow continuously works to ensure small businesses and the people they employ are able to thrive in the 6th district and across the state of Colorado. Two weeks ago, Congressman Crow introduced a bipartisan bill to add a reporting requirement on accelerated payments to small businesses (H.R. 7342). This legislation would help ensure that businesses contracted by Federal Agencies are paid as quickly as possible, especially in these difficult times.