Restaurant and Small Business COVID-19 Aid – Passage

Passage of the bill, as amended, that would provide $55 billion for Small Business Administration financial assistance to restaurants and small businesses that lost revenue due to the COVID-19 pandemic. Specifically, it would increase from $28.6 billion to $70.6 billion funding provided for the Restaurant Revitalization Fund established by previous coronavirus relief law (PL 117-2). It would provide $13 billion for a new Hard Hit Industries Award Program to provide financial assistance payments to small businesses that experienced at least a 40 percent revenue loss due to the pandemic. It would specify that funds for the new program would be awarded in amounts equal to such losses, up to $1 million, and may be used for business expenses including payroll costs, certain payments to contractors, rent, mortgages, maintenance costs, pandemic-related health measures and paid sick leave. Among other provisions, it would require the SBA to prioritize applicants that have experienced revenue losses of at least 80 percent, followed by those with revenue losses of at least 60 percent. As an offset, the bill would provide for the recapture of unobligated funds provided by previous coronavirus relief laws and administered by the SBA, including funds rescinded or otherwise returned from the Paycheck Protection Program and Economic Injury Disaster Loan program. It would also extend, through at least March 11, 2023, the time period within which expenses may be covered under the SBA grant program for operators of live-performance venues closed due to the pandemic.