Restaurant industry jobs plummet to 30-year low: National Restaurant Association
Industry loses three times more jobs than any other industry
According to a new labor market report from the National Restaurant Association, eating and drink places have lost three times more jobs than any other industry. Restaurant industry jobs plummeted to 6.4M jobs during the COVID-19 pandemic. Before the health crisis, the Association had projected industry jobs to increase to over 20M jobs during 2020. It also reported that it was behind new pieces of legislation from Congress to support the industry.
Showing bipartisan, bicameral support for food businesses, Reps. Mike Thompson (D-CA), Jim McGovern (D-MA), Rodney Davis (R-IL), and Senators Kamala Harris (D-CA), and Tim Scott (R-SC) are authoring and moving the FEED Act forward. “This bill is an important tool to help restaurants feed vulnerable populations during the pandemic by allowing the federal government to pay 100 percent of the cost for state and local governments to work with restaurants and nonprofit organizations to prepare meals for seniors and underprivileged children,” announced the Association.
Rep. Stephanie Miller (D-FL) has also authored a bill to expand the Employee Retention Tax Credit (ERTC). This piece of legislation would increase the credit to 80 percent and increase the wage base to $15,000 per quarter for up to three quarters. Meanwhile, it would also ease qualifying rules for revenue decline and include health benefits in the definition of “qualified wages.”
In addition, the large employer threshold would increase from 100 employees to 1,500. Furthermore, the bill would include entities with more than $41.5 million in annual income. View the jobs information packet here.
Photo credit: Mario Gogh
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