40% of restaurants to close within 6 months without more coronavirus aid
September 14, 2020
NYC restaurant owner: Restaurant job numbers will be ‘devastatingly less’ if we don’t get support
FOX Lifestyle Hospitality President Mark Fox, who owns several restaurants in New York City, argues restaurants need more help because the Payroll Protection Program was designed for a 6-week problem that has turned into a 6-month problem.
At least 40% of restaurant operators struggling to stay afloat during the coronavirus pandemic believe their businesses could go under within the next six months if there is no additional stimulus package from the federal government, according to a new survey by the National Restaurant Association.
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With one in every six restaurants closed permanently or for the "long term," the industry is on track to lose $240 billion in sales by the end of the year, according to the National Restaurant Association's findings on the impact COVID-19 has on the restaurant business.
"For an industry built on service and hospitality, the last six months have challenged the core understanding of our business," said National Restaurant Association CEO Tom Bené.