Epidemic will cost restaurants $225B short-term, National Restaurant Association says

COVID-19 , Industry News ,

Source: Restaurant Business

The restaurant industry could lose $225 billion in sales during the next three months, forcing the elimination of as many as 7 million industry jobs, according to a letter sent this morning by the National Restaurant Association to President Trump and members of Congress.

The communication asks the officials to immediately provide $145 billion in direct relief payments to restaurants and foodservice facilities. The funds would be used in part to pay employees.

In addition, the Association asked that the federal government mandate deferments of restaurants’ lease, loan and mortgage payments, and requested that the federal government back $100 billion in business continuity loans to help the business to survive.

Other requests include:

  • $45 billion in emergency unemployment assistance to weather longterm layoffs.
  • An additional $45 billion in affordable federal and conventional loans.
  • $35 billion in community development block grants for areas that have been particularly hard hit.

Trump had yet to respond publicly to the requests. A $1 trillion federal relief measure was proposed Tuesday by the White House. It is expected to be passed by Congress as early as today.