SECTION 1. (a) There shall be established and set upon the books of the commonwealth a separate fund to be known as the COVID-19 Food Service and Hospitality Worker Relief Emergency Fund to be administered by the executive office of labor and workforce development.

(b) The purpose of the Fund shall be for financial assistance in the form of grants to individuals employed in the food service and hospitality industry within the commonwealth that have been laid off or are otherwise experiencing financial distress as a result of the 2019 novel coronavirus outbreak, also known as COVID-19, or executive order 591 and any subsequent orders pursuant to said executive order.

(c) There shall be credited to the Fund all amounts that are, by law, transferred or authorized to be transferred thereto or directed to be deposited therein, and all amounts received as gifts, grants, or contributions for the purposes of the Fund. Amounts credited to the Fund shall not be subject to further appropriation and any money remaining in the Fund at the end of a fiscal year shall not revert to the General Fund.

SECTION 2. On the effective date of this act, the comptroller shall transfer $75,000,000 from the Commonwealth Stabilization Fund to the COVID-19 Food Service and Hospitality Worker Relief Fund established in section 1 for the purposes of carrying out this act.