House to Vote on Relief BillApril 6, 2022
The U.S. House of Representatives is set to vote this week on the Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, an amendment to Restaurant Revitalization Fund Replenishment Act of 2021 (H.R. 3807). The amended bill is sponsored by Rep. Nydia Velazquez (D-N.Y.), the Chairwoman of the Committee on Small Business, and aims to help the thousands of small businesses still struggling with the impact of the Covid-19 pandemic.
In the American Rescue Plan, Congress provided $28.6 billion for the Restaurant Revitalization Fund (RRF), which provided relied to more than 100,000 restaurants and other food and beverage businesses. However, additional funding is needed to provide relief to eligible applicants that continue to struggle, and who were unable to access RRF because of funding shortages in the program.
The Relief for Restaurants and other Hard Hit Small Businesses Act of 2022 provides $42 billion to replenish the Restaurant Revitalization Fund, allowing the U.S. Small Business Administration (SBA) to process the outstanding applications of those who previously applied to the program. The legislation also provides $13 billion for a Hard Hit Industries Award Program, which will provide awards to small businesses in industries and sectors that were hardest hit by the pandemic, but were not eligible for the RRF or the Shuttered Venue Operators Grant Program (SVOG).