Colorado Springs

Restaurant Revitalization Fund rolling out to businesses – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-04-07 21:24:06 –

Colorado Springs — As part of the American Rescue Plan, restaurants and similar businesses will have access to tens of billions of dollars. Colorado Democratic Senator John Hickenlooper met with a business owner in Colorado Springs on Wednesday to learn where restaurants need to spend their money.

Specifically, the Restaurant Revitalization Fund (RRF) is a traditional restaurant, food truck, food stand, catering, salon, inn, tavern, bar, lounge, brewpub, tasting room, licensed facility, or similar gathering of people. Support your business. Served food and drinks. The very specific list is because some companies, such as the Atrevida Beer Company, said they were excluded because they did not fit the rigorous pattern presented in the previous relief fund.

“Our industry, all the little guys are lost in it,” said Atrevida co-owner Rich Fiero and his wife. “We are not a brewing pub, so we have no access to them.”

The RRF is a $ 28.5 billion fund based on the loss of sales operations seen from 2019 to 2020, with $ 5 billion allocated to businesses that generated less than $ 500,000 in 2019. This fund aims to be more flexible than payroll programs. Used for salary, rent, utilities, construction, etc.

The Small and Medium Business Administration is still working to run out of the funding portion of the Shuttered Venue Operator Grant Program, so the start date of the program is still unknown. The first three weeks are dedicated to veteran, female and minority-owned businesses. Many of these companies have also lost their previous bailout programs due to lack of established relationships with lenders. Hickenlooper said these companies are more than twice as likely to fail. In the process of a pandemic.

Both Shuttered Venues and RRF are based on a $ 1.9 trillion American rescue program, partially expanding unemployment benefits, providing Americans with a $ 1,400 check, and significantly expanding child tax deductions.

Senator Hickenlooper said, “I think we’ll see economic growth slowing not just for a year or two, but then.” “Without 10 or 20 years of economic growth, it’s not worth doing this.”

An extension of the additional unemployment allowance, $ 300 a week in addition to the traditional allowance, is a concern for some restaurant owners. Both Brotherrack, which owns several offices, and Ninary, who co-owns her husband and 503 West, say that these benefits prevent people from finding a job, at least in their industry. say.

“There is a large pool of unemployed people, they meet their status of reaching out and not appearing in the interview, and that’s what we’re getting at the back end,” Lee said. Told. “We are ready to move forward. We are ready to move forward, but our staff needs to help us.”

Lee said she and other business owners have taken up servers, dishwashers, and other positions just to catch up with the business.

Lee and Hickenlooper talked about the issue of staff shortages in the restaurant industry for some time on Wednesday. Hickenlooper admits that some people may earn more than they do with additional unemployment benefits, but warns that their benefits will be short-lived. ..

“Most of the people I’m talking about want to get back to work. I believe that returning to work will ultimately make a lot of money,” said Senator Hickenlooper. Added. “It’s a relatively small number of people. There are some, I don’t claim it.”

President Joe Biden’s administration announced a $ 2 trillion infrastructure plan as funding began to roll out from the $ 1.9 trillion plan.

The second spending plan has been criticized for the widespread use of the term “infrastructure” and the magnitude of its spending, but it also includes payments from corporate tax increases.

So far, Senator Hickenlooper has not promised to support the plan, but in the years following World War II, the federal government took over highways, infrastructure, and US influence. He states that it is as important historically as it was done to expand.

“It’s still a moving goal. I don’t know exactly what’s in it or what’s out, but I think it’s a moment of history.”

Restaurant Revitalization Fund rolling out to businesses Source link Restaurant Revitalization Fund rolling out to businesses

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