VIRGINIA BEACH, VA – Today, Congresswoman Luria announced her support of the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed to Survive (RESTAURANTS) Act. This bipartisan bill 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,” said Congresswoman Luria. “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.”
Previously, Congresswoman Luria voted for the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which established the Paycheck Protection Program (PPP). This program distributes low-interest loans to small businesses and nonprofits to help them stay afloat. 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.