GOP Skinny Bill Does Not Achieve Scale Needed to Support Small Biz

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GOP Skinny Bill Does Not Achieve Scale Needed to Support Small Biz
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Today, the Independent Restaurant Coalition (IRC), released the following statement regarding the Senate’s recently-proposed “skinny” Coronavirus stimulus package, which contains no direct aid to the nation’s 500,000 independent restaurants and bars:

“The ‘skinny’ bill in the Senate does not do nearly enough to help hard-hit independent restaurants. 1 in 4 Americans who lost their jobs during this pandemic are restaurant employees, and the industry as a whole is America’s second-largest private-sector employer. We need direct relief in order to survive, which is why over 220 Republicans and Democrats in Congress have come together to sponsor the RESTAURANTS Act.

Every day that Congress waits to pass a relief plan that works for our industry, more and more restaurants are forced to shut their doors permanently – putting 11 million employees and hundreds of thousands of small businesses, including farmers, ranchers, winemakers, linen companies, and more, in jeopardy. We cannot wait any longer.”

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Skinny Coronavirus stimulus package and restaurants

Independent restaurants and bars have been fighting for the inclusion of the RESTAURANTS Act in this round of federal relief. The bill would establish a $120 billion fund for small restaurants and bars to cover costs such as payroll, rent, supplies, and PPE. Originally introduced in June by Sens. Roger Wicker (R-MS) and Kyrsten Sinema (D-AZ), alongside Reps. Earl Blumenauer (D-OR 3) and Brian Fitzpatrick (R-PA 1), the RESTAURANTS Act now has 190 cosponsors in the House and 27 cosponsors in the Senate.

What do you think about the skinny Coronavirus stimulus package? Tell us by sounding off in the comments section below.

ABOUT THE IRC:

The Independent Restaurant Coalition was formed by chefs and independent restaurant owners across the country who have built a grassroots movement to secure vital protections for the nation’s 500,000 independent restaurants and the more than 11 million restaurant workers impacted by the coronavirus pandemic.

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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)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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