Representative Axne backs bipartisan legislation to replenish depleted restaurant revitalization fund
Today, Representative Cindy Axne (IA-03) announced that she is sponsoring bipartite and bicameral legislation that will provide additional funding to the Restaurant Revitalization Fund (RRF) to ensure that Iowa restaurants and their workers are receiving the help they requested through COVID-19 relief programs created earlier this year.
In March, representative Axne voted to create the Restaurant Revitalization Fund as part of the US bailout, providing $ 28.6 billion to restaurants and bars to survive the COVID-19 pandemic, get back on their feet and meet the challenges of reopening with the rest of the US economy .
But the US Small Business Administration shut down the nominations portal after less than a month of nominations due to an overwhelming demand: 362,000 applicants asking for $ 75 billion in funding, nearly three times the funds approved by Congress. .
“Throughout last year’s tough economic times, I fought to ensure that Iowa’s restaurants, bars and food stalls – and their workers – had the support they have. need to get through the pandemic and get back on their feet as restrictions have been relaxed, “ said representative Axne. “Earlier this year, I helped create the Restaurant Revitalization Fund, but the demand for these funds has exceeded what was originally approved. As our economy picks up steam, our restaurant industry continues to rebound – and the people who relied on that help when they applied this spring shouldn’t be forced to downsize or lay off. of employees because the assistance programs we put in place were not sufficient. This legislation I’m pushing for approval could make the difference between surviving and closing restaurants all over Iowa. “
The Axne representative is now one of the Maison’s more than 100 co-sponsors Restaurant Revitalization Fund Replenishment Act 2021, which would provide the RRF with an additional $ 60 billion to allow all existing applications to be fully funded and the US Small Business Administration (SBA) to continue its outreach activities.
During the COVID-19 pandemic, 90,000 American restaurants have closed permanently and tens of thousands more have significantly reduced their operations. Even with months of positive and steady job growth, restaurants and bars still have a million jobs below their pre-pandemic averages.
the RRF Replenishment Act, which enjoys bipartisan support in both the US House and Senate, is also backed by the National Restaurant Association and the Independent Restaurant Coalition.
Representative Axne was also a co-sponsor of the RESTAURANTS Act, the legislation that inspired the creation of the RRF earlier this year.