,,ii #aagth ,,congress #ast ,session ,s4 #bee ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #d1 #bjba,mr4 ,wicker 7for himself and ,ms4 ,sinema7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to establish a #abj1jjj1jjj1jjj ,restaurant ,revitalization ,fund to provide structured relief to food service or drinking establishments1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,real ,economic ,support ,that ,acknowledges ,unique ,restaurant ,assistance ,needed ,to ,survive ,act of #bjba or the ,,restaurants ,act of #bjba4 #b4 ,definitions ,in this ,act3 7#a7 ,affiliated business ,the term affiliated business means a business in which an eligible entity has an equity or right to profit distributions of not less than #ej percent1 or in which an eligible entity has the contractual authority to control the direction of the business1 provided that such affiliation shall be determined as of any arrangements or agreements in existence as of ,march #ac1 #bjbj4 7#b7 ,covered period ,the term covered period means the period beginning on ,february #ae1 #bjbj and ending on the date that is #h months after the date of enactment of this ,act4 7#c7 ,eligible entity ,the term eligible entity-- 7,a7 means a restaurant1 food stand1 food truck1 food cart1 caterer1 saloon1 inn1 tavern1 bar1 lounge1 brewpub1 tasting room1 taproom1 licensed facility or premise of a beverage alcohol producer where the public may taste1 sample1 or purchase products1 or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink2 7,b7 includes an entity described in subparagraph 7,a7 that is located in an airport terminal2 and 7,c7 does not include an entity described in subparagraph 7,a7 that-- 7i7 is part of a ,state or local government facility1 not including an airport2 or 7ii7 as of ,march #ac1 #bjbj1 owns or operates 7together with any affiliated business7 more than #bj locations1 regardless of whether those locations do business under the same or multiple names4 7#d7 ,fund ,the term ,fund means the ,restaurant ,revitalization ,fund established under section #c4 7#e7 ,payroll costs ,the term payroll costs has the meaning given the term in section #g7;a77#cf77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77#cf77;,a774 7#f7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 #c4 ,restaurant ,revitalization ,fund 7a7 ,in general ,there is established in the ,treasury of the ,united ,states a fund to be known as the ,restaurant ,revitalization ,fund4 7b7 ,appropriations 7#a7 ,in general ,there is appropriated to the ,fund1 out of amounts in the ,treasury not otherwise appropriated1 #abj1jjj1jjj1jjj1 to remain available until the date that is #h months after the date of enactment of this ,act4 7#b7 ,remainder to ,treasury ,any amounts remaining in the ,fund after the date that is #h months after the date of enactment of this ,act shall be deposited in the general fund of the ,treasury4 7c7 ,use of funds ,the ,secretary shall use amounts in the ,fund to make grants described in section #d4 #d4 ,restaurant revitalization grants 7a7 ,in general ,the ,secretary shall award grants to eligible entities in the order in which applications are received by the ,secretary4 7b7 ,registration ,the ,secretary shall register each grant awarded under this section using the employer identification number of the eligible entity4 7c7 ,application 7#a7 ,in general ,an eligible entity desiring a grant under this section shall submit to the ,secretary an application at such time1 in such manner1 and containing such information as the ,secretary may require4 7#b7 ,certification ,an eligible entity applying for a grant under this section shall make a good faith certification-- 7,a7 that the uncertainty of current economic conditions makes necessary the grant request to support the ongoing operations of the eligible entity2 7,b7 acknowledging that funds will be used to retain workers and maintain payroll or for other allowable expenses described in subsection 7e7 and not for any other purposes2 7,c7 that the eligible entity does not have an application pending for a grant under paragraph 7#cf7 or 7#cg7 of subsection 7a7 or subsection 7b77#b7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 for the same purpose and duplicative of amounts applied for or received under this section2 and 7,d7 that1 during the covered period1 the eligible entity has not received amounts under paragraph 7#cf7 or 7#cg7 of subsection 7a7 or subsection 7b77#b7 of section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 for the same purpose and duplicative of amounts applied for or received under this section4 7#c7 ,hold harmless ,an eligible entity applying for a grant under this section shall not be ineligible for a grant if the eligible entity is able to document-- 7,a7 an inability to rehire individuals who were employees of the eligible entity on ,february #ae1 #bjbj2 and 7,b7 an inability to hire similarly qualified employees for unfilled positions on or before the date that is #h months after the date of enactment of this ,act4 7#d7 ,prevention of waste1 fraud1 and abuse ,the ,secretary may impose requirements on applicants for the purpose of reducing waste1 fraud1 and abuse in the application process for a grant under this section in a manner that is not unduly burdensome on applicants4 7d7 ,priority in awarding grants ,during the initial #ad-;day period in which the ,secretary awards grants under this section1 the ,secretary shall-- 7#a7 prioritize awarding grants to marginalized and underrepresented communities1 with a focus on women1 veteran1 and minority-owned and operated eligible entities2 and 7#b7 only award grants to eligible entities with annual revenues of less than #a1ejj1jjj in #bjai4 7e7 ,grant amount 7#a7 ,aggregate maximum amount ,the aggregate amount of grants made to an eligible entity and any affiliate businesses of the eligible entity under this section shall not exceed #aj1jjj1jjj4 7#b7 ,determination of grant amount 7,a7 ,in general ,the amount of a grant made to an eligible entity under this section shall be equal to the revenues of the eligible entity during #bjbj subtracted from the revenues of the eligible entity in #bjai1 if such sum is greater than zero4 7,b7 ,eligible entities that were not open all of #bjai ,in the case of an eligible entity that was not open during the entirety of #bjai1 the amount of a grant made to the eligible entity under this section shall be-- 7i7 equal to the difference between-- 7,i7 the product obtained by multiplying the average monthly revenue of the eligible entity in #bjai by #ab2 and 7,,ii7 the product obtained by multiplying the average monthly revenue of the eligible entity in #bjbj by #ab2 or 7ii7 based on a formula determined by the ,secretary4 7,c7 ,newly-opened eligible entities ,in the case of an eligible entity-- 7i7 that opened after ,january #a1 #bjbj1 the amount of a grant made to the eligible entity under this section shall be made based on actual expenses described in subsection 7f7 incurred by the eligible entity minus any revenues received2 or 7ii7 that has not yet opened as of the date of application for a grant under this section but has verified expenses described in subsection 7f7 as of that date1 the amount of a grant made to the eligible entity under this section shall be equal to those expenses4 7,d7 ,sick leave ,an eligible entity applying for a grant under this section-- 7i7 may request an additional grant amount based on the amount required to provide #aj days of paid sick leave to each employee of the eligible entity to-- 7,i7 care for themselves or an immediate family member who is ill2 or 7,,ii7 provide care for children when schools or childcare providers are shut down due to ,,covid-#ai2 and 7ii7 shall1 if provided a grant under this section that includes an additional amount for sick leave described in clause 7i71 provide each employee of the entity with such #aj days of paid sick leave4 7,e7 ,verification ,an eligible entity shall submit to the ,secretary such revenue verification documentation as the ,secretary may require to determine the amount of a grant under this paragraph4 7#c7 ,no duplication of benefits ,an award granted under this section to an eligible entity that received a loan under paragraph 7#cf7 or 7#cg7 of section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 shall be reduced by the amount of that loan4 7#d7 ,limitation ,an eligible entity may not receive more than #a grant under this section4 7f7 ,use of funds 7#a7 ,in general ,during the covered period1 an eligible entity that receives a grant under this section may use the grant funds for the following expenses incurred as a direct result of the ,,covid-#ai pandemic3 7,a7 ,payroll costs4 7,b7 ,payments of principal or interest on any mortgage obligation 7which shall not include any prepayment of principal on a mortgage obligation74 7,c7 ,rent payments1 including rent under a lease agreement 7which shall not include any prepayment of rent74 7,d7 ,utilities4 7,e7 ,maintenance expenses1 including-- 7i7 construction to accommodate outdoor seating2 and 7ii7 walls1 floors1 deck surfaces1 furniture1 fixtures1 and equipment4 7,f7 ,supplies1 including protective equipment and cleaning materials1 as required by applicable public health departments4 7,g7 ,food and beverage expenses that are within the scope of the normal business practice of the eligible entity before the covered period4 7,h7 ,debt obligations to suppliers that were incurred before the covered period4 7,i7 ,operational expenses4 7,j7 ,paid sick leave4 7,k7 ,any other expenses that the ,secretary determines to be essential to maintaining the eligible entity4 7#b7 ,returning funds ,if an eligible entity that receives a grant under this section permanently ceases operations on or before the date that is #h months after the date of enactment of this ,act1 the eligible entity shall return to the ,treasury any funds that the eligible entity did not use for the allowable expenses under paragraph 7#a74 7#c7 ,conversion to loan ,any grant amounts received by an eligible entity under this section that are unused after the date that is #h months after the date of enactment of this ,act shall be immediately converted to a loan with-- 7,a7 an interest rate of #a percent2 and 7,b7 a maturity date of #aj years beginning on the date that is #h months after the date of enactment of this ,act4 7g7 ,taxability 7#a7 ,in general ,for purposes of the ,internal ,revenue ,code of #aihf-- 7,a7 the amount of a grant awarded to an eligible entity under this section shall be excluded from the gross income of the eligible entity2 and 7,b7 no deduction shall be denied or reduced1 no tax attribute shall be reduced1 and no basis increase shall be denied1 by reason of the exclusion from gross income provided by this subsection4 7#b7 ,employee retention tax credit ,payroll costs for which grant funds are used under this section shall not include qualified wages taken into account in determining the credit allowed under section #bcja of the ,,cares ,act 7,public ,law #aaf-acf71 if the costs are used for different expenses4 7h7 ,regulations ,not later than #ae days after the date of enactment of this ,act1 the ,secretary shall issue regulations to carry out this section without regard to the notice and comment requirements under section #eec of title #e1 ,united ,states ,code4 7i7 ,appropriations for staffing and administrative expenses 7#a7 ,in general ,there is appropriated to the ,secretary1 out of amounts in the ,treasury not otherwise appropriated1 #cjj1jjj1jjj1 to remain available until the date that is #h months after the date of enactment of this ,act1 for staffing and administrative expenses related to administering grants awarded under this section4 7#b7 ,set aside ,of amounts appropriated under paragraph 7#a71 #fj1jjj1jjj shall be allocated for outreach to traditionally marginalized and underrepresented communities1 with a focus on women1 veteran1 and minority-owned and operated eligible entities1 including the creation of a resource center targeted toward these communities4 7j7 ,limitation with respect to private funds 7#a7 ,definitions ,in this subsection3 7,a7 ,affiliate 7i7 ,in general ,the term affiliate means1 with respect to a person1 any other person directly or indirectly controlling1 controlled by1 or under direct or indirect common control with the person4 7ii7 ,control ,for purposes of clause 7i71 a person shall be deemed to control another person if the person possesses1 directly or indirectly1 the power to direct or cause the direction of the management and policies of the other person1 whether through the ownership of voting securities1 by contract1 or otherwise4 7,b7 ,executive ,the term executive means-- 7i7 any individual who serves as executive or director of a person1 including the principal executive officer1 principal financial officer1 comptroller or principal accounting officer2 and 7ii7 an executive officer1 as defined in section #bcj4dje of title #ag1 ,code of ,federal ,regulations4 7,c7 ,private fund ,the term private fund means an issuer that would be an investment company1 as defined in the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq471 but for paragraph 7#a7 or 7#g7 of section #c7;c7 of that ,act 7#ae ,u4,s4,c4 #hj;a-#c7;c774 7#b7 ,anti-evasion ,no company in which a private fund holds an ownership interest that has1 directly or indirectly1 received amounts under this section may pay any distributions1 dividends1 consulting fees1 advisory fees1 interest payments1 or any other fees1 expenses1 or charges in excess of #aj percent of the net operating profits of the company operating profits for the calendar year ending ,december #ca1 #bjba 7and for each successive year until the covered period has ended and all loans created under this section have been repaid71 to-- 7,a7 a person registered as an investment adviser under the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 who advises a private fund2 7,b7 any affiliate of such adviser2 7,c7 any executive of such adviser or affiliate2 or 7,d7 any employee1 consultant1 or other person with a contractual relationship to provide services for or on behalf of such adviser or affiliate4 7k7 ,demographic data and transparency 7#a7 ,demographic data ,in establishing an application process for carrying out this section1 the ,secretary shall include a voluntary request for certain demographic data with respect to the majority ownership of eligible entities1 including race1 ethnicity1 gender1 and veteran status4 7#b7 ,monthly reports ,not later than the end of the first month in which initial grants are disbursed under this section1 and every month thereafter until the date on which the last grant has been disbursed under this section1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report providing the number and dollar amount of grants approved for or disbursed to all eligible entities1 including-- 7,a7 a list of eligible entities with the grant amount received by each eligible entity2 and 7,b7 a breakout of the number and dollar amount of grants by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran status71 and business type4 7#c7 ,quarterly reports ,not later than the end of the first quarter beginning after the date of enactment of this ,act1 and every subsequent quarter until the last grant that was converted to a loan under this section is repaid1 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on-- 7,a7 the number and dollar amount of grants approved for or disbursed to all eligible entities1 including a breakout of grants by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran status71 and business type2 and 7,b7 the number and dollar amount of grants that converted to loans under this section1 including a breakout of outstanding loans by ,state1 congressional district1 demographics 7including race1 ethnicity1 gender1 and veteran status71 and business type4 7#d7 ,data transparency ,not later than #cj days after the date of enactment of this ,act1 the ,secretary shall make available on a publicly available website in a standardized and downloadable format1 and update on a monthly basis1 any data contained in a report submitted under this subsection4 #e4 ,emergency designation 7a7 ,in general ,the amounts provided by this ,act are designated as an emergency requirement pursuant to section #d7;g7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;g774 7b7 ,designation in senate ,in the ,senate1 this ,act is designated as an emergency requirement pursuant to section #daab7;a7 of ,h4 ,con4 ,res4 #ga 7#aaeth ,congress71 the concurrent resolution on the budget for fiscal year #bjah4