The bill's goal is to provide supplies to small companies in America that were most impacted by the COVID outbreak.
The American Rescue Plan included the grant program. $42 billion of the $55 billion is designated for restaurants, food trucks, vineyards, breweries, and bakeries.
The other $13 billion would be distributed to small enterprises such as gyms, event venues, theaters, transportation providers, and sports teams.
A part of the $13 billion would be set aside to oversee grant programs.
Is the most recent metric viable? Maybe. It was approved by the House by a vote of 223 to 203, but it still has to be approved by the Senate, which is equally divided (by party). The Senate has been postponed for two weeks (as of April 8).
Restaurant relief money was removed from the Congressional omnibus budget measure in March.
The Senate introduced S2675, the Continuing Emergency Support for Restaurants Act, the same month.
The House passed HR3807, a $55 billion small business award program, on April 8. It would be paid by unused funds from the pandemic assistance programs for 2020 and 2021, as suggested.
In 2021, the House and Senate presented two comparable bills. Both are dormant.
A $60 billion Restaurant Replenishment measure was submitted in the House in June 2021. The $60 billion Entrée Act was submitted in the Senate in July 2021. Neither has occurred.
Representative Earl Blumenauer introduced the most recent bill (D-Ore).
"It shouldn't be this difficult," Blumenauer stated. "The degree of discord and disagreement has been unbelievable, and I hoped the restaurants would help bring us all together."
What Should You Do If HR 3087 Is Passed in the Senate?
Businesses who have previously applied for the small business award program do not need to apply again, according to Blumenauer. The waiting list is lengthy — there were over 300,000 applications for the inaugural program, with only about one-third being given funds.
Some of the application rejections were due to misunderstandings. Women, minorities, and Veterans-owned firms were favored during the first round of small business funding under the American Rescue Plan. However, once a slew of discrimination cases were brought, several applicants' funds were revoked.
If your application was withdrawn, rejected, or you never applied, you would apply via an SBA-approved lender. You must be able to demonstrate the monetary value of your lost revenue.
For example, you may compare revenue before the pandemic to revenue during the epidemic and revenue after the pandemic.
The Small Business Administration would manage and administer the grant program. Grants of up to $10 million per firm (or $5 million per physical site) are possible.
According to the Independent Restaurant Coalition, 90,000 eateries have shuttered in the last two years, with an additional 80,000 on the verge of closure.
Original source can be found here.
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