S.4012 - 116th Congress (2019-2020): RESTAURANTS Act of 2020

Summary

The Congress.gov record for S.4012, the RESTAURANTS Act of 2020 (Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive Act of 2020), 116th Congress, sponsored by Sen. Roger F. Wicker [R-MS], introduced 06/18/2020 and on the same day read twice and referred to the Committee on Finance, where its status stays at Introduced. The CRS summary says the bill temporarily establishes and funds the Restaurant Revitalization Fund, from which the Department of the Treasury would make grants to eligible food and beverage purveyors to cover specified costs. In the initial period Treasury must prioritise marginalized and underrepresented communities and award grants only to purveyors with annual revenues under $1.5 million. An entity that received a Paycheck Protection Program loan may not apply for or use a grant for the same expenses.

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S.4012 - RESTAURANTS Act of 2020 116th Congress (2019-2020)

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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 )
Tracker: Tip | This bill has the status Introduced Here are the steps for Status of Legislation: Introduced

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Subject — Policy Area:

- Commerce
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Summary: S.4012 — 116th Congress (2019-2020) All Information (Except Text)

There is one summary for S.4012. Bill summaries are authored by CRS .

Shown Here: 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.

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