HB2557 Summary: Illinois Restaurant Revitalization Fund

• Creates the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS) Act, establishing the Illinois Restaurant Revitalization Fund to provide grants to eligible food service businesses.

• Defines eligible entities as independent restaurants, food trucks, caterers, bars, taverns, and similar establishments that are Illinois-based, not part of a chain with 20+ locations, and not publicly traded as of March 13, 2020.

• Funds the program with $20 million transferred July 1, 2021, plus monthly transfers of restaurant-related tax revenue collected between August 15, 2021 and April 15, 2022; unobligated funds revert to General Revenue Fund on May 1, 2022.

• Grant amounts based on revenue losses comparing 2020 to 2019 quarters; grants prioritize communities with highest revenue losses, small-capacity establishments (100 or fewer patrons), and low-income zip codes in large counties.

• Allows counties over 500,000 population and municipalities over 20,000 population to administer local revitalization funds with 2-to-1 state matching grants if they pledge 25% of local food/beverage tax revenue toward the program.