Foodservice

Relief is at hand: Legislators OK $900B COVID-era relief package

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December 21, 2020

Legislators at long last agreed to a $900 billion package to stimulate the economy, help businesses and individuals and support vaccine distribution Sunday night. Many thought the deal would never become reality due to the current atmosphere of highly partisan politics amidst a backdrop of a president who still disputes an election that will put him out of the office Jan. 20 when President-elect Joe Biden is sworn in.

"We are going to crush the virus and put money in the pockets of the American people," said a joint statement issued by House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer, according to CNN.

The commercial foodservice industry has been desperate to see a relief package passed, with more than 100,000 commercial foodservice establishments already permanently out of business and many brands struggling to hang on over a cold, hard winter that removes the option of outdoor dining in many places that brands had come to depend on.

Though details of the package are still being released, it is reported to contain a $600 direct stimulus payment for individuals under certain income levels. Here are more aspects of the relief measure which the House votes on today:

• More than $284 billion for forgivable Paycheck Protection Program loans and $15 billion in funds for "live venues, independent movie theaters and cultural institutions," according to a statement released jointly from legislators in Washington, D.C.
• Enhanced unemployment of $300/week.
• Rental assistance/eviction moratorium extension of $25 billion.
• $82 billion to help reopen classrooms safely.
• $10 billion in child care assistance.
• $13 billion in more SNAP benefits.
• $7 billion for extended broadband access.
• Billions of dollars for vaccine distribution, testing and contract tracing.
• Tax credit for "employers offering paid sick leave."

Next a vote will take place in both the House and Senate that could slow the process of completing the deal.

For an update on how the coronavirus has affected the convenience services industry, click here.