Saving Seafood

US restaurant industry fears rescue package falling short

July 27, 2021 — Through the past year-and-a-half, the U.S. government issued hundreds of billions of dollars in rescue funding for companies facing difficulties due to the COVID-19 pandemic. But its efforts have come under criticism from those who feel their businesses were unfairly excluded from the rescue programs and from entities that received less funding than their competitors.

In the latest round of the Restaurant Revitalization Fund passed by U.S. Congress and administered by the Small Business Administration, many large U.S. restaurant groups received grants of more than USD 1 million (EUR 845,000). New York City’s Momofuku Restaurant Group received USD 6.8 million (EUR 5.7 million) and Peter Luger Steakhouse took in USD 5 million (EUR 4.2 million). An analysis by The Counter, an independent and nonprofit news outlet, found 5 percent of RRF awardees received 40 percent of the program’s funding total.

Read the full story at Seafood Source

Group cries foul on congressional restaurant funding going to non-food focused businesses

July 14, 2021 — Many small independent restaurants were left out of the most recent round of United States government funding via the Restaurant Revitalization Fund, according to the Independent Restaurant Coalition. Instead, the group claims many non-food-focused businesses such as management companies, hotel chains, and recreational facilities obtained funding they shouldn’t have.

Sixty-seven businesses received a USD 10 million (EUR 8.5 million) RRF grant –the most money a business entity could receive. They included Lucky Strike Entertainment, a 16-unit bowling alley chain; Windsor Hospitality, a Marriott/Embassy Suites hotel management company; the foodservice establishments within the France pavilion at Walt Disney World in Orlando, Florida; Sweet Hospitality Group, a concessions company for Broadway theater; franchisees of McDonald’s, Jimmy John’s, Panera Bread, Dunkin, and Golden Corral; and eight airport and sports venue concessions companies, Nation’s Restaurant News reported.

Read the full story at Seafood Source

Restaurant groups applaud $60B funding bill

June 10, 2021 — U.S. foodservice industry organizations praised the introduction of federal legislation on 10 June that would provide USD 60 billion (EUR 49 billion) in additional funding to restaurants that ran into financial distress during the COVID-19 pandemic.

The Restaurant Revitalization Fund Replenishment Act, introduced in both the U.S. House and Senate, would effectively replenish the USD 60 billion (EUR 49 billion) Restaurant Revitalization Fund (RRF).

Read the full story at Seafood Source

Restaurant, small business groups criticize new PPP legislation

October 21, 2020 — The restaurant industry and small business organizations in the United States are voicing their displeasure with a proposed second round of Paycheck Protection Program (PPP) legislation.

“The Paycheck Protection Program didn’t work for restaurants in March and it won’t work now,” the Independent Restaurant Coalition said in a press release. “Since the program began, one in six restaurants has closed, 2.3 million people are no longer on the payroll, and USD 220 billion [EUR 185 billion] in revenue was lost in just the second quarter.”

Read the full story at Seafood Source

US restaurant industry decries end to negotiations on additional federal aid package

October 14, 2020 — Increased dining room restrictions in certain COVID-19 hotspots across the U.S. are further hampering restaurant sales across the country.

New York Governor Andrew Cuomo recently released a plan to shut down non-essential businesses like restaurants in parts of the boroughs of Brooklyn and Queens, where spikes in COVID-19 cases have occurred, Eater New York reported.

Read the full story at Seafood Source

Report: Without Federal Aid, 85% Of Independent Restaurants Could Permanently Close

June 17, 2020 — The COVID-19 pandemic could force a staggering 85% of independent U.S. restaurants to shutter by the end of the year, according to a new report commissioned by recently formed trade group the Independent Restaurant Coalition (IRC).

Conducted by Compass Lexecon, a Chicago-based consulting firm, the report predicts a grim future for roughly 500,000 Main Street restaurants unless a more robust financial assistance program is established.

According to IRC, privately owned restaurants with fewer than 20 establishments — including fine dining spots, neighborhood joints, pizza parlors, bistros and food trucks, among other types of businesses — make up 76% of the industry and directly employ 11 million people across the country.

Read the full story at Forbes

US restaurant sector receives some help, but trade group says more is needed

June 2, 2020 — Representatives of the Independent Restaurant Coalition (IRC) recently met with U.S. President Donald Trump and key administration officials to make their case for a proposed USD 120 billion (EUR 107 billion) stabilization fund for the U.S. restaurant industry.

More government relief is needed for the sector, which has struggled through lockdowns over the past two months that have effectively closed most U.S. restaurants to dine-in customers, the trade group told the president, according to a press release.

Read the full story at Seafood Source

US restaurants seeking USD 120 billion relief fund

April 30, 2020 — Seafood suppliers in the U.S could benefit if Congress approves a USD 120 billion (EUR 111 billion) stabilization fund, proposed on 29 April by the Independent Restaurant Coalition.

During a Zoom “town hall” meeting, thousands of independent restaurant owners and prominent chefs, including José Andrés and Andrew Zimmern, urged Congress to create the stabilization fund for the 500,000 independent restaurants across the U.S.

Read the full story at Seafood Source