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Washington, D.C. – Today, the House of Representatives voted to provide $42 billion in funding for the Small Business Administration’s Restaurant Revitalization Fund (RRF). The financial assistance provided by the RRF is a lifeline for thousands of bars and restaurants that have faced significant challenges throughout the COVID-19 pandemic.

“America’s app-based rideshare and delivery network platforms support hundreds of thousands of small businesses, helping them adapt to changes, expand their customer base, create additional lines of revenue and increase income to those who work at these businesses,” said Flex CEO Kristin Sharp. “Providing restaurants with this critical funding will help them to move into the future with confidence. Flex applauds the House of Representatives for passing legislation to refill the Restaurant Revitalization Fund, which will make a valuable difference around the country. We encourage the Senate to take up the bill without delay to create recovery opportunities for millions of Americans.”

Last month, Flex sent a letter to Congressional leadership urging passage of additional RRF funding. In addition to the over 14 million Americans who already work in the industry, the restaurant industry is worth $898 billion and projected to grow by 400,000 jobs by the end of 2022. Congress previously provided more than $28.6 billion in economic relief to over 278,000 restaurants through the RRF and American Rescue Plan. The funding allowed many businesses to operate without having to lay off employees or permanently close their doors. Additional federal funding will help accelerate restaurants' growth and ensure additional earning opportunities as part of the ongoing effort to recover from multi-year deficits for businesses and those who drive in the app-based economy

The necessity of the RRF is made clear by its widespread bipartisan support. More than 300 members of the House of Representatives cosponsored the legislation and 223 bipartisan members voted in favor of its passage. The Flex Association strongly urges the Senate to pass additional RRF legislation and keep supporting our businesses, economy and communities.

Read Flex’s letter to Congressional leadership here.

Date: 04/07/2022
Category: Flex Insights