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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 12, 2022.
Relief for Restaurants and other Hard Hit Small Businesses Act of 2022
This bill addresses support for restaurants, arts and entertainment venues, and small businesses impacted by the COVID-19 pandemic.
The bill provides an additional $42 billion in FY2021 for the Restaurant Revitalization Fund and gives priority to previous applicants who have not received a grant. The Small Business Administration (SBA) must provide to applicants an explanation for denied applications, establish a reconsideration process for denied applications, and institute an audit and oversight plan with respect to grant recipients.
Additionally, the bill establishes the Hard Hit Industries Award Program for small businesses that suffered a pandemic-related revenue loss of 40% or more. Aggregate grant amounts are capped at $1 million. Funds may be used for expenses including mortgage, rent, and utility payments and payroll. SBA must prioritize entities that have experienced significant pandemic-related revenue loss, with first priority going to those that experienced a loss of at least 80%, and second priority going to those that experienced a loss of at least 60%.
Finally, the bill extends to March 11, 2023 (or a later date as determined by the SBA), the time frame during which Shuttered Venue Operators Grant recipients may use grant funds to cover their expenses.