This week on Restaurant Hospitality, cities and states put out plans to help small businesses and the restaurant industry specifically while individual owners worked toward recovery.
The Restaurants Act of 2020 is expected to be introduced to Congress soon and is backed by the Independent Restaurant Coalition as well as several congressmembers. The bill is expected to create a $120 billion grant fund for independent restaurants and extend repayment of PPP loans to 16 weeks from the current eight.
This act comes on the heels of a recent National Restaurant Association study showing that 3/4 of restaurant operators don't expect to make a profit in the next six months and that the industry has lost $120 billion since March. These findings were cited in the introduction of the Restaurants Act.
Locally, the New York City government in collaboration with private funding, is providing almost $3 million in grants of up to $30,000 for independent restaurants.
See what else was trending on Restaurant Hospitality this week.