S.4012 - RESTAURANTS Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Wicker, Roger F. [R-MS] (Introduced 06/18/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/18/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.4012 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (06/18/2020)
Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive Act of 2020 or the RESTAURANTS Act of 2020
This bill temporarily establishes and provides funding for the Restaurant Revitalization Fund, from which the Department of the Treasury shall make grants to eligible food and beverage purveyors to cover specified costs.
For the grant program's initial period, Treasury must (1) prioritize awarding grants to marginalized and underrepresented communities, and (2) only award grants to eligible food and beverage purveyors with annual revenues of less than $1.5 million. Further, an entity that received a loan under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019) may not apply for or use a restaurant revitalization grant for the same expenses for which the entity received the paycheck protection loan.