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.
READ  5 Douglas County (Colorado) restaurants forced to close after violating health order on indoor dining
READ  Lockdowns are the biggest transfer of wealth from small businesses to multinational corporations in world history. Company's like Amazon are profiting massively now and absorbing small businesses.