Congresswoman Stansbury Votes for New Relief for N.M. Restaurants and Small Businesses

Press Release

Today, U.S. Representative Melanie Stansbury (N.M.-01) voted to secure $55 billion in additional funding to support New Mexico's restaurants and small businesses hit hard by the COVID-19 pandemic. The legislation now moves to the Senate.

The Relief for Restaurants and Other Hard Hit Small Businesses Act of 2022 provides $42 billion to replenish the Restaurant Revitalization Fund allowing the Small Business Administration to process relief applications from over 170,000 eligible businesses that were not previously able to access support. The legislation is paid for with the funds reclaimed from bad actors attempting to defraud taxpayers by taking advantage of previous pandemic relief programs.

New Mexico's small businesses are the foundation of the state's economy, accounting for 99% of the state's businesses and employing over 54 percent of the state's workforce.

"Our restaurants and small businesses are the backbone of our economy and part of the cultural fabric of New Mexico. Throughout the pandemic, our restaurants have struggled to survive," said Rep. Stansbury. "Today, we voted for a crucial lifeline to help restaurants and small businesses keep their doors open and staff paid as we continue to recover from the impacts of the pandemic. I am proud to cosponsor the Relief for Restaurants Act to ensure our restaurants can keep serving our communities. Now it's time for the Senate to act."

Established through the American Rescue Plan, the Restaurant Revitalization Fund (RRF) distributed $28.6 billion to restaurants across the country -- including nearly $170 million for New Mexico businesses. Due to its popularity, the program quickly exhausted its funding, and the new legislation includes further oversight to safeguard taxpayer funds so they are distributed to the restaurants and small businesses that are eligible for the program.

This legislation also takes action to support other struggling small businesses:

Providing $13 billion to establish the Hard Hit Industries Award Program, which will assist New Mexico small businesses with 200 or fewer employees that have experienced 40 percent or more in lost revenue.
Updating the Shuttered Venue Operators Grant Program to provide New Mexico entertainment venues with more time and flexibility to use federal relief funds.

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