'We are not looking for a bailout,' says Tom Colicchio. 'We just want to make sure we all have a business to return to.'
of independent restaurants across the country in the wake of the COVID-19 pandemic. Recently founded by independent chefs and restaurateurs, the coalition is spearheaded by well-known industry figures such as Tom Colicchio, Naomi Pomeroy, Kwame Onwuachi, Andrew Zimmern, and José Andrés.
More than 12 million people work in restaurants in the U.S., according to the Bureau of Labor Statistics, and industry estimates put the number even higher. As Eater’s Hillary Dixler Canavan, “Restaurants are not only a cultural backbone of America’s small-town main streets and its biggest cities, they’re an economic one, as well.” Much of that backbone is formed by independent restaurants: the corner mom-and-pop joints, the immigrant-owned restaurants, the neighborhood spots.
The coalition’s letter requests the following changes to the relief package to better address the needs of independent restaurants:, the portion of the bill that offers federal relief in the form of $350 billion in loans to small businesses like restaurants. The PPP in its current form allows businesses with fewer than 500 employees to apply for government-guaranteed loans capped at $10 million, or 2.
Additional PPP changes sought by the group include increasing the loan repayment from its current two years to 10 years, instating a $500 million gross revenue cap that would prevent well-funded businesses from potentially taking up funding, and increasing the size of the $350 billion pool amid reports that banks and lenders have seenCreating a restaurant stabilization fund
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