Irene Jiang/ Business Insider
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 eateries, 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 furnishes a temporary lifeline, it won’t prevent most independent restaurants from massive loss 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 grades, meaning that many restaurants will be forced to operate at a loss. The IRC is push forward $ 120 billion in grant fund from Congress in the form of Oregon Representative Earl Blumenauer’s RESTAURANTS Act. Visit Business Insider’s homepage for more stories.
As many as 85% of independent eateries may be forced out of business by the end of the year, according to a brand-new report commissioned by the Independent Restaurant Coalition.
The report, which was conducted by consulting company Compass Lexecon, outlines the threats facing independent eateries as the pandemic continues to affect business. Although the restaurant industry as a whole has suffered major damages, independent restaurants like mom-and-pop diners, neighborhood Thai seams, and penalty dining staples, are much more at risk than fast-food chains like McDonald’s and Starbucks. Independents, which comprise 70% of all restaurants, rely much more heavily on dine-in revenue and don’t have the corporate resources available shape some chains so resilient in the face of disaster.See the rest of the tale at Business Insider
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