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TODAY AT 11:30 AM ET: Sen. Roger Wicker (R-MS) and Rep. Earl Blumenauer (D-OR 3) Join Independent Restaurant Coalition to Unveil New Relief Plan for Independent Restaurants 

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Recent Compass Lexecon Economic Report Projected Fund Would Return Up to $271 Billion to Recovering Economy, Reduce Nationwide Unemployment by 2.4 Percent

Press Dial-in: (833) 756-7475; Conference ID: 9888664

New Relief Plan For Independent Restaurants

WASHINGTON, D.C.Today at 11:30a.m. ET Rep. Earl Blumenauer (D-OR 3) and Sen. Roger Wicker (R-MS) will join members of the Independent Restaurant Coalition (IRC) to unveil new legislation in the House and the Senate for small food and beverage establishments. The rollout comes as the Paycheck Protection Program (PPP), the loan system established by the CARES Act in March, is set to close on June 30th. Numbers to be released by the Bureau of Labor statistics today are also likely to indicate climbing unemployment, the result of a loss of jobs felt disproportionately by the food and beverage industry.

A report from Compass Lexecon released last week projects dedicated relief for independent restaurants could inject up to $271 billion into the economy and reduce nationwide unemployment by 2.4 percent. The same report finds 85% of independent restaurants could close by the end of this year if Congress does not provide direct relief.

About 5.9 million restaurant jobs (an estimated 4.5 million of which are from independent restaurants) have vanished from the industry within a matter of weeks— the most of any industry and nearly double the figure from the next most affected industry.

Briefing Call Details

WHO: Rep. Earl Blumenauer (Portland, OR) — Member of Congress representing Oregon’s 3rd District, author of the RESTAURANTS Act

Sen. Roger Wicker (MS) – U.S. Senator representing Mississippi, co-author of the RESTAURANTS Act

Gregory Gourdet (Portland, OR) – IRC advisory committee member and culinary director of Departure at The Nines

Robert St. John (Hattiesburg, MS) – IRC advisory committee member and owner of The Purple Parrot Café

WHAT: National briefing call to outline the newly-introduced RESTAURANTS Act and its impact on struggling restaurants and the economy.

WHEN: TODAY: Thursday, June 18 at 11:30 a.m. ET

WHERE: Press Dial-in: (833) 756-7475; Conference ID: 9888664


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

 

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The post Congress Members Unveil New Relief Plan For Restaurants appeared first on ValueWalk.

Original Article Posted at : https://www.valuewalk.com/2020/06/relief-plan-restaurants-coronavirus-stimulus/