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.
The amount of such a grant shall be reduced by the amount of (1) any emergency grant received for an economic injury disaster loan, or (2) any paycheck protection loan amount forgiven under the Paycheck Protection Program established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019).
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.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7197 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 7197
To establish a $120,000,000,000 Restaurant Revitalization Fund to
provide structured relief to food service or drinking establishments
through December 31, 2020, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 15, 2020
Mr. Blumenauer (for himself, Mr. Fitzpatrick, Ms. Bonamici, Mr. Evans,
Ms. Kuster of New Hampshire, Mr. Panetta, Ms. Pingree, Mr. Smith of
Washington, Mr. Welch, and Ms. Wild) introduced the following bill;
which was referred to the Committee on Financial Services, and in
addition to the Committees on Ways and Means, and the Budget, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To establish a $120,000,000,000 Restaurant Revitalization Fund to
provide structured relief to food service or drinking establishments
through December 31, 2020, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Real Economic Support That
Acknowledges Unique Restaurant Assistance Needed To Survive Act of
2020'' or the ``RESTAURANTS Act of 2020''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Covered period.--The term ``covered period'' means the
period beginning on February 15, 2020, and ending on December
31, 2020.
(2) Eligible entity.--The term ``eligible entity''--
(A) means a restaurant, food stand, food truck,
food cart, caterer, saloon, inn, tavern, bar, lounge,
or other similar place of business--
(i) in which the public or patrons assemble
for the primary purpose of being served food or
drink; and
(ii) that, as of March 13, 2020, is not
part of a chain or franchise with not less than
20 locations doing business under the same
name, regardless of the type of ownership of
the locations; and
(B) does not include an entity described in
subparagraph (A) that is--
(i) publicly traded, including a subsidiary
or affiliate thereof; or
(ii) part of a State or local government
facility, not including an airport.
(3) Fund.--The term ``Fund'' means the Restaurant
Revitalization Fund established under section 3.
(4) Payroll costs.--The term ``payroll costs'' has the
meaning given the term in section 7(a)(36)(A) of the Small
Business Act (15 U.S.C. 636(a)(36)(A)).
(5) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
SEC. 3. RESTAURANT REVITALIZATION FUND.
(a) In General.--There is established in the Treasury of the United
States a fund to be known as the Restaurant Revitalization Fund.
(b) Appropriations.--
(1) In general.--There is appropriated to the Fund, out of
amounts in the Treasury not otherwise appropriated,
$120,000,000,000, to remain available until December 31, 2020.
(2) Remainder to treasury.--Any amounts remaining in the
Fund after December 31, 2020, shall be deposited in the general
fund of the Treasury.
(c) Use of Funds.--The Secretary shall use amounts in the Fund to
make grants described in section 4.
SEC. 4. RESTAURANT REVITALIZATION GRANTS.
(a) In General.--The Secretary shall award grants to eligible
entities in the order in which the application is received by the
Secretary.
(b) Registration.--The Secretary shall register each grant awarded
under this section using the employer identification number of the
eligible entity.
(c) Application.--
(1) In general.--An eligible entity desiring a grant under
this section shall submit to the Secretary an application at
such time, in such manner, and containing such information as
the Secretary may require.
(2) Certification.--An eligible entity applying for a grant
under this section shall make a good faith certification--
(A) that the uncertainty of current economic
conditions makes necessary the grant request to support
the ongoing operations of the eligible entity;
(B) acknowledging that funds will be used to retain
workers, maintain payroll, and for other allowable
expenses described in subsection (e);
(C) that the eligible entity does not have an
application pending for a grant under subsection
(a)(36) or (b)(2) of section 7 of the Small Business
Act (15 U.S.C. 636) for the same purpose and
duplicative of amounts applied for or received under
this section; and
(D) during the covered period, that the eligible
entity has not received amounts under subsection
(a)(36) or (b)(2) of section 7 of the Small Business
Act (15 U.S.C. 636) for the same purpose and
duplicative of amounts applied for or received under
this section.
(3) Hold harmless.--An eligible entity applying for a grant
under this section shall not be ineligible for a grant if the
eligible entity is able to document--
(A) an inability to rehire individuals who were
employees of the eligible entity on February 15, 2020;
and
(B) an inability to hire similarly qualified
employees for unfilled positions on or before December
31, 2020.
(d) Priority in Awarding Grants.--During the initial 14-day period
in which the Secretary awards grants under this section, the Secretary
shall--
(1) prioritize awarding grants to marginalized and
underrepresented communities, with a focus on women and
minority-owned and operated eligible entities; and
(2) only award grants to eligible entities with annual
revenues of less than $1,500,000.
(e) Grant Amount.--
(1) Determination of grant amount.--
(A) In general.--The amount of a grant made to an
eligible entity under this section shall be based on
the difference in revenues or estimated revenues of the
eligible entity during a calendar quarter in 2020 as
compared to the same calendar quarter in 2019.
(B) Verification.--An eligible entity shall submit
to the Secretary such revenue verification
documentation as the Secretary may require to determine
the amount of a grant under subparagraph (A).
(C) Repayment.--Any amount of a grant made under
this section to an eligible entity based on estimated
revenues in a calendar quarter in 2020 that is above
the actual revenues of the eligible entity during that
calendar quarter shall be converted to a loan that
has--
(i) an interest rate of 1 percent; and
(ii) a maturity date of 10 years beginning
on January 1, 2021.
(2) Reduction based on ppp forgiveness or eidl emergency
grant.--If an eligible entity has, at the time of application
for a grant under this section, received an emergency grant
under section 1110(e) of the CARES Act (Public Law 116-136) or
loan forgiveness under section 1106 of such Act related to
expenses incurred during the covered period, the maximum amount
of a grant awarded to the eligible entity under this section
shall be reduced by the amount of funds expended by or forgiven
for the eligible entity for those expenses using amounts
received under such section 1110(e) or forgiven under such
section 1106.
(3) Limitation.--An eligible entity may not receive more
than 1 grant under this section.
(f) Use of Funds.--
(1) In general.--During the covered period, an eligible
entity that receives a grant under this section may use the
grant funds for--
(A) payroll costs;
(B) payments of principal or interest on any
mortgage obligation;
(C) rent payments, including rent under a lease
agreement;
(D) utilities;
(E) maintenance, including construction to
accommodate outdoor seating;
(F) supplies, including protective equipment and
cleaning materials;
(G) food and beverage;
(H) debt obligations to suppliers that were
incurred before the covered period; and
(I) any other expenses that the Secretary
determines to be essential to maintaining the eligible
entity.
(2) Returning funds.--If an eligible entity that receives a
grant under this section permanently ceases operations on or
before December 31, 2020, the eligible entity shall return to
the Treasury any funds that the eligible entity did not use for
the allowable expenses under paragraph (1).
(3) Conversion to loan.--Any grant amounts received by an
eligible entity under this section that are unused after
December 31, 2020, shall be immediately converted to a loan
with--
(A) an interest rate of 1 percent; and
(B) a maturity date of 10 years.
(g) Taxability.--For purposes of the Internal Revenue Code of
1986--
(1) the amount of a grant awarded to an eligible entity
under this section shall be excluded from the gross income of
the eligible entity;
(2) no deduction shall be denied or reduced, no tax
attribute shall be reduced, and no basis increase shall be
denied, by reason of the exclusion from gross income provided
by subsection; and
(3) an eligible entity that receives a grant under this
section shall not be eligible for the credit described in
section 2301 of the CARES Act (Public Law 116-136).
(h) Regulations.--Not later than 15 days after the date of
enactment of this Act, the Secretary shall issue regulations to carry
out this section without regard to the notice and comment requirements
under section 553 of title 5, United States Code.
(i) Appropriations for Staffing and Administrative Expenses.--
(1) In general.--There is appropriated to the Secretary,
out of amounts in the Treasury not otherwise appropriated,
$300,000,000, to remain available until December 31, 2020, for
staffing and administrative expenses related to administering
grants awarded under this section.
(2) Set aside.--Of amounts appropriated under paragraph
(1), $60,000,000 shall be allocated for outreach to
traditionally marginalized and underrepresented communities,
with a focus on women, veteran, and minority-owned and operated
eligible entities, including the creation of a resource center
targeted toward these communities.
SEC. 5. EMERGENCY DESIGNATION.
(a) In General.--The amounts provided by this Act are designated as
an emergency requirement pursuant to section 4(g) of the Statutory Pay-
As-You-Go Act of 2010 (2 U.S.C. 933(g)).
(b) Designation in Senate.--In the Senate, this Act is designated
as an emergency requirement pursuant to section 4112(a) of H. Con. Res.
71 (115th Congress), the concurrent resolution on the budget for fiscal
year 2018.
<all>
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E538)
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsor introductory remarks on measure. (CR H2598-2599)
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