As the U.S. tries to prevent the spread of the coronavirus, social distancing measures have been implemented, store closures have ensued, much of which unfortunately extends to a lot of our favorite restaurants.
Even with delivery and take-out being the go-to options for many, the impact these restaurants will feel could still cause them to lay off employees, or ultimately shutter.
That is why the National Restaurant Association has crunched the numbers, and formally sent a proposal to the White House, asking for $355 billion in restaurant relief.
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The NRA has estimated that in the next three months alone, restaurants will lose $225 billion in sales, and forcing anywhere from 5 to 7 million employees to lose their jobs.
Even then, the three month estimate doesn’t take into account that the White House anticipates this crisis to dig into July, or possibly August, meaning the industry could have five more months of these losses.
The NRA is asking for $145 billion from the Treasury as a recovery fund to help pay employees and everyday operations. Another $35 million would go towards disaster relief, helping businesses defer mortgages, leases and loans. Another $100 billion would go towards “loan and insurance protections” over the anticipated long-term recovery time.
Then another $130 billion would go to disaster unemployment assistance, while a $45 billion expansion is being asked for conventional and federal loans.
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Leaving work after a heartfelt meeting w my team… many of you have reached out and checked in. I’m so thankful for every one of you. It’s tough to put my feelings down in writing right now but here i go… I’m pretty distraught, mostly for my team. We have so many families who depend on our restaurant and it’s the reason why we remained opened. These are the people who will be hit the hardest- our cooks, our servers, bussers, hostesses and dishwashers. The ones who need income the most. I completely understand and agree that the health of the world is and should be the priority, but who will help the dozens of families who depend on our small business? We are a family-owned restaurant and unlike big corporations we don’t have the financial means to take a hit like this. At this point, I am going to stay as informed as I can be so I can be there for my restaurant family by providing them with the correct information and resources. There’s been talk about relief packages and help from the government, but talk from politicians on TV is sometimes far different from the day- to-day reality for hourly employees and small business owners. We just hope that there is a bail out for us like there has been in the past for the banks, the airline industry, and seemingly now the cruise line industry. Everyone seems to be getting bailed out during distraught times but small businesses. If you’re still reading, thank you. If you want to support us… consider purchasing some of our mole jars or a gift card on our online shop ➡️ store.ilovemole.com Good healthy vibes to you all ✌🏽
Time will tell how long the country will be shutdown in this manner, but in the short term, a lot of restaurants are in dire straits and need help just as much as any other industries receiving federal help.