President Trump Halts Federal Relief Negotiations
Last night, President Trump announced that he was putting an end to federal relief negotiations. Shortly after, he then said he would sign limited bills for $1,600 stimulus checks, funds for airlines, and a second round of Paycheck Protection Program (PPP) funding.
Based on these latest developments, it is increasingly likely that no broad action for federal relief is going to happen before the election. The IRA and National Restaurant Association continue to fight for the RESTAURANTS Act, along with more narrow, short-term tools for restaurants like another round of PPP funding and expanding the Employee Retention Tax Credit (ERTC).
"Without passing this relief and not getting a second chance at the PPP loan, we're going to see a lot more restaurants go out of business," said IRA President & CEO Sam Toia. "They were predicting 20%. If they're going to wait until after the election, we could see it go up to 30 or 40%."