85% US small biz permanently close in 2020

  • As many as 85% of independent restaurants may permanently close because of the pandemic by the end of 2020, according to a report commissioned by the Independent Restaurant Coalition.
  • Independent restaurants, which comprise 70% of all restaurants, rely more heavily on dine-in revenue than chains and don’t have a corporate safety net or support system to fall back on.
  • Restaurant owners say that while the Paycheck Protection Program provides a temporary lifeline, it won’t prevent most independent restaurants from massive losses that will force them out of business.
  • Owners also say it will be a long time before dine-in revenue will return to pre-pandemic levels, meaning that many restaurants will be forced to operate at a loss.
  • The IRC is pushing for $120 billion in grant funding from Congress in the form of Oregon Representative Earl Blumenauer’s RESTAURANTS Act.
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www.businessinsider.com/85-of-independent-restaurants-could-permanently-close-in-2020-report-2020-6