Restaurants Act Gives 500,000 Independent Businesses “A Day of Hope”

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Restaurants Act Gives 500,000 Independent Businesses “A Day of Hope”
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Statement: Just-Introduced Bipartisan House and Senate Restaurants Act Legislation Gives 500,000 Independent Restaurants “A Day of Hope”

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WASHINGTON, D.C. — Today, the Independent Restaurant Coalition (IRC) released the following statement on the RESTAURANTS Act, a bipartisan $120 billion relief package specifically for independent restaurants introduced today by Sen. Roger Wicker (R-MS) in the Senate and Rep. Earl Blumenauer (D-OR 3) in the House. Formed in March, the IRC sent a letter to Congress asking for such a program in April and discussed the issue in an industry roundtable with President Trump in May.

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Restaurants Act Key Provissions

"Senator Wicker and Representative Blumenauer’s bipartisan Restaurant Revitalization Fund has given America’s 500,000 of these businesses a day of hope. The need for relief for independent restaurants cannot be overstated in a time of so much uncertainty. Independent restaurants that had limited openings are now closing again.

Many still wait for Paycheck Protection Program loans and are accumulating more and more debt in the process. This is about more than preserving our most cherished places of celebration and gathering– it’s about bringing a massive economy of over 16 million workers and billions of dollars in spending back to life.

The revitalization fund is a smart investment that would contribute more than two dollars to the economy for every one dollar spent and ensure millions of Americans have a shot at keeping their job. If Congress steps up and passes the RESTAURANTS Act today, our businesses will deliver for the economy tomorrow."

The Independent Restaurant Coalition was formed by chefs and independent restaurant owners across the country.

What do you think about the act? Tell us by sounding off in the comments section.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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