IFDA Applauds Introduction of Providing Liquidity for Uncollectable Sales (PLUS) Act

Proposed Legislation Offers Financial Hope for the Foodservice Industry
 
“Foodservice distributors serve as the bank for America’s restaurants and are critical to getting our economy up and running again.  Restaurants buy their supplies on payment terms that allow them to generate revenue before the bill comes due.  However, since restaurants have had to close their dining rooms or shut down completely during the pandemic, the economic crisis has created uncollectable debt.  This debt is a significant limitation on distributor liquidity when they need it most. The PLUS Act provides tax credits for the $12.2 billion in outstanding debts owed to distributors by restaurants. This legislation provides the liquidity distributors need to continue to extend credit to their restaurant customers and help them get back on their feet as the economy restarts. I applaud Representatives Panetta (CA) and LaHood (IL) for their commitment to the foodservice distribution industry, a vital part of our economy.”
 
About the International Foodservice Distributors Association
The International Foodservice Distributors Association (IFDA) is the premier trade organization representing the more than $300 billion foodservice distribution industry and the 350,000 people it employs. This industry ensures a safe and efficient supply of food and products to more than one million restaurants and foodservice outlets in the U.S. every day. For more information, visit www.ifdaonline.org.