According to recent survey results shared by the Texas Restaurant Association, approximately 29% of restaurants across the state expect they will need to permanently close one or more locations if they cannot secure additional federal stimulus funding this year. Congressman Earl Blumenauer (D-OR) introduced the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS Act) of 2020 to provide that support.
The bill would establish a Restaurant Revitalization Fund allowing the U.S. Treasury to issue grants to eligible entities that meet certain criteria including having revenues less than $1,500,000. Background and highlights of the bill are available here.
The legislation was introduced in June along with a Senate companion bill which have both continued to build bipartisan support, however, with no committee action. Your Chamber has added this relief to our advocacy on behalf of local businesses, writing our elected officials asking for their support of its passage.
You can get involved by sending a note to your elected officials via the Independent Restaurant Coalition website.
The Chamber has also advocated for expansion and extension of the Paycheck Protection Program, financial relief for cultural institutions such as our local zoo and theaters, and additional loans for small businesses. For more information on these efforts, contact Belinda Garza Hartwig, Vice President of Economic Development, at bhartwig@sachamber.org.
