SN7 | Ep289 - Jeremiah On What You Can Do To Save Restaurants

Tell Congress to establish a restaurant stabilization fund here www.saverestaurants.comAs the coronavirus pandemic continues to take its toll on the U.S. economy, a new survey from the National Restaurant Association lays out how dire the situation is for the industry. More than two-thirds of the restaurant workforce, or 8 million employees, have lost their jobs as shelter-in-place orders and mandatory closures have severely impacted the industry’s ability to conduct business. What’s more, 60% of restaurant owners say that existing federal relief programs, including the CARES Act, which allocated some $350 billion in relief for small businesses under the Paycheck Protection Program, won’t be enough to keep employees on payroll during the downturn.Restaurants reported $30 billion in losses in March, a projected $50 billion in losses in April, and are teeing up for a $240 billion Covid-19-related loss nationwide by the end of the year. Prior to Covid-19, the industry had been projecting $899 billion in sales this year, with 15.6 million employees, the association said.In a letter to Congress sent Monday, the group is asking lawmakers to provide targeted relief for the sector, as it says four in 10 restaurants have closed their doors, some with no hope of reopening. Part of its “Blueprint for Recovery” includes a $240 billion Restaurant and Foodservice Industry Recovery Fund.What we are fighting for:01/Fix the Paycheck Protection Program by extending the maximum loan amount to three months after restaurants can legally reopen to full capacity, reinstating the $500 million gross revenue cap, and increasing the length of time restaurant owners have to repay their loans to 10 years from two years.02/Launch a Restaurant Stabilization Fund that provides up to $100 billion in grants to independent restaurants that will give them the upfront capital they need to reopen.03/Create new tax rebates that incentivize employment so restaurants continue to employ full staff and pay rent when business is slow.04/Ensure business interruption insurance covers COVID-19. Right now, restaurants aren’t receiving the benefits they deserve from insurance companies.www.saverestaurants.com