Congressman Panetta co-introduces Restaurants Act to establish $120 billion fund for independent restaurants

SALINAS, Calif. (KION) Congressman Jimmy Panetta announced that he has co-introduced legislation to create a $120 billion revitalization fund for independent restaurants facing challenges resulting from the COVID-19 pandemic.

“Restaurants are the bread and butter of the hospitality industry on the Central Coast, and a critical part of our economy and community.  These establishments have been greatly impacted by the COVID-19 pandemic, and restaurant workers are at risk of permanently losing their jobs without further action from Congress,” said Congressman Panetta. 

The Real Economic Support That Acknowledges Unique Restaurant Assistance Needed to Survive (RESTAURANTS) Act was created with the intention of helping restaurants cover essential expenses, make up for lost revenue and provide relief to workers.

In April, 5.5 million restaurant workers lost their jobs, and they make up 27% of total job losses that month, according to Panetta. He said that without action from Congress, more than 11 million workers could permanently lose their jobs while restaurants face the rising cost of supplies, new PPE expenses and a decrease in willingness to dine out.

Read the full text of the bill here.