Additional Coronavirus Spending For Businesses Unlikely, With Possible Exception For Restaurants

Amid mounting fears about the rapidly spreading omicron variant and its far-reaching effects, some federal lawmakers are considering offering additional financial help for businesses including restaurants, but it’s unclear whether those plans will move forward and how much additional stimulus spending they might bring.

In December, two legislators — Sen. Ben Cardin of Maryland and Sen. Roger Wicker of Mississippi — drafted a preliminary plan for $68B of additional federal stimulus spending to help businesses such as restaurants, gyms and live performance venues, which remain affected by the pandemic, The Washington Post reported.

A Wednesday report by CNN, however, said talks with other lawmakers have stalled, with no legislation resulting from those early discussions and a lack of support from the White House for another round of spending, with one possible exception.

“There might be something small for restaurants,” a senior official in the Biden administration told CNN. “But the economy is booming, there are millions of open jobs, and we do not believe people should be sitting at home if they are vaccinated and boosted, as most adults are.”

Asked by CNN if the prospect of additional stimulus was being taken seriously by the administration, the official said no, though they did leave the door open for that position to shift “if something changes.”

The omicron variant’s appearance has caused additional troubles for an industry still working to bounce back from the hurdles the pandemic posed over the last two years, and has brought staff shortages that have made it hard to keep doors open, leading, in some cases, to temporary closures.

In early 2021, a $1.9 trillion stimulus package was approved that included a nearly $29B Restaurant Revitalization Fund, a tax-free grant program. The National Restaurant Federation has been campaigning for a $60B replenishment of the fund since it ran out last year.

“Without help from Congress, thousands of restaurants will continue to struggle to remain open and serve their communities,” a statement on the federation’s website says.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Why Hines Is Restarting Its Development Engine

How Integrated Infrastructure Can Help AI Data Centers Deploy Faster, Build Smarter

Nvidia Buys Stake In Data Center Power Company

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply

Nike Closes 15 Stores Amid Tumultuous Year

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China

Loud And Clear: Why Aiphone Thinks Intercom Ownership Is Best For Multitenant Buildings

The Fast-Food Exec Taking Her Real Estate Talents To The Looksmaxxing Era

Republicans, Democrats Backing Away From Data Centers Amid Rising Backlash

TJ Maxx Parent Plans To Accelerate Store Openings In 2027