COVID-19 has shaken our economy globally and locally. You might of seen this first hand in your own neighborhood, or someone directly in your family. When restrictions start to lift we will still have an up hill battle ahead of us, one area that was hit hard and is close to me is the restaurant industry.
Article Reference Forbes.com
”Many independent restaurant owners have used personal savings or taken on new debt to support their employees. Restaurant workers accounted for the largest share of unemployment claims in March but less than 8.9% of approved PPP loans went to restaurants and hotels combined.
The IRC says restaurants contribute $1 trillion to the U.S. economy each year, and only 30% of them will survive the crisis if it lingers four months or longer.
Those who do emerge may face even more difficult tribulations after reopening their doors. The first thing survivors will need to do when they reopen is pay old invoices. Then they’ll have to hire and train a skeleton staff to help unveil a newly configured, socially distanced dining room that’s expected to be legally required to cut previous capacity by 50%.
Many restaurateurs will decide it’s just not worth taking on more debt and will permanently close shop. Some will have to reimagine their concept to accommodate a new dining room layout, no large groups and reduced tourism, plus either less service or higher menu prices. The rest will go back to business fully expecting to ring an average of 50% less revenue over the first 12-18 months than when the virus forced them to suddenly close.”
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Profits of EVERY SALE goes to https://www.jamesbeard.org/openforgood Open For Good, campaign to support the recovery and rebuilding of the independent restaurant industry.
