Restaurants receive the Biggest Share in the Relief Package Under Biden’s Administration

Amid the coronavirus outbreak, the Restaurants suffered  a subsequent downfall in their road to recovery progress. The look to bounce back and have a head start in their pursuit to revive their economy.They are getting a lifeline from the pandemic relief package that’s awaiting final approval in the House.The bill passed by the Senate on Sunday adds emphasis on funds to the Paycheck Protection Program and provides indirect help to small businesses in general through stimulus payments and unemployment benefits.

While having an overview on the distribution of funds , Restaurants got the major share of the relief package for help: $28.6 billion in grants for whose revenue fell in 2020 as a result of the pandemic.The grants were allowed equal to the amount of the Restaurants revenue losses which was specified up to a limit of $10 million per company, and $5 million per location.

The National Restaurants Association, an industry organization, noted that the Senate added $3.6 billion to the $25 billion allocated in the original House bill.While the $28.6 billion in the bill was only about a tenth of the amount of money the industry has lost during the pandemic, the  group sees it as a win.A $5 million relief bill was slated for the small  in the location whose annual turnover is $500,000 or less.

The Restaurants were decimated by the pandemic and the U.S-led Government went to shutdown which is keeping the diners still away from the scene. Although the relief bill is a positive indicator for the, there is a lot to cover ahead in the road to recovery of increasing the revenue profits in the upcoming quarters.