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Biden advertises direct corporate bailouts at the Restaurant Revitalization Fund

President Biden called the newly launched restaurant revitalization fund “terribly necessary” on Wednesday American rescue plan..Application process $ 28.6 billion in funding Restaurants, bars and other small food and beverage businesses Coronavirus pandemic Released on Monday.

“Restaurant is more than a major driver of our economy and is woven into the structure of our community,” Biden said. “And for many families, restaurants are the gateway to opportunity and an important part of the American story.”

The restaurant industry COVID-19 Pandemic.. Almost half of the workers in the industry lost their jobs in the first months of the pandemic. And while the United States continues to recover, the industry has continued to reduce 1.8 million jobs since February last year.

“We are opening the doors of this program so that restaurants across the country can open the doors again,” Biden said. The president said the United States relies on restaurants to play a major role in economic recovery. “We want the economy to recover in a way that everyone is happy with, and our restaurant needs to be seated at the table,” he said.

In the first two days of the newly launched program, 186,200 restaurants, bars and other businesses have applied for relief, according to data released by the government. The application included companies from all 50 states, the District of Columbia, and 5 US territories. Such companies could use the money for expenses such as salaries and rent.

Biden said some argued that the federal stimulus, the American Rescue Plan, wasn’t necessary, but many applications already submitted to the fund said it was “terribly necessary.” Shown. Nearly one-third of restaurants and bars applied for money in the first 48 hours, according to the funded Independent Restaurant Coalition.

All SMEs can apply, but the Small and Medium Business Administration prioritizes companies owned and controlled by women, veterans, and other socially or economically disadvantaged individuals for the first 21 days of the program. I am. According to the White House, 97,600 applications were submitted by such business owners in the first two days.

After the first 21 days, all eligible applications will be funded on a first-come, first-served basis. Applicants can apply for a grant equivalent to a pandemic-related loss. Grants are up to $ 10 million per business group and up to $ 5 million per location.

As part of Restaurant Revitalization Fund, The administration also prioritizes the relief of the smallest restaurants and bars. Aside from the bar and restaurant fund, $ 9.5 billion is secured. This includes $ 4 billion for applications for companies with 2019 revenues between $ 500,000 and $ 1.5 million, $ 5 billion for companies with 2019 revenues not exceeding $ 500,000, and companies. Includes $ 500 million for. Those who brought less than $ 50,000 in the year before the pandemic.

Approximately one-third of the applications received during the first two days of the program, or 61,700, came from companies with annual pre-pandemic revenue of less than $ 500,000, making it one of the smallest companies in the country. Represents a department.

The White House said on Wednesday that funding for recipients who applied this week would be out on average about 14 days after the application was submitted. Spokesman Jen Psaki called it a “very rapid shift.”

Biden visited the Washington, DC restaurant Takelia Las Gemeras for lunch early Wednesday. With COVID-19, the business has gone from 55 employees to 7 people. Currently a recipient of the Restaurant Revitalization Fund Pilot Program. Funding for the pilot program will be provided on Friday.

This visit is a bipartisan paycheck protection program that has been running for over a year. I’ve run out of all my money..The program is Extended to March Until the end of May. The Small and Medium Business Administration will continue to fund approved applications.

The Restaurant Revitalization Fund as part of an American rescue program passed depending on deficit spending.Biden administration is promoting Additional economic planning This will depend on proposed tax increases for large corporations and the wealthiest Americans.

Biden advertises direct corporate bailouts at the Restaurant Revitalization Fund

Source link Biden advertises direct corporate bailouts at the Restaurant Revitalization Fund

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