Family-owned restaurants fear they could be pitted against larger competitors, hotel chains and potentially investment funds in a race starting on Friday for a $349 billion pot of money the U.S. government will offer businesses hard-hit by coronavirus.
FILE PHOTO: Empty restaurant tables sit on a plaza on Pennsylvania Avenue in during the coronavirus outbreak in downtown Washington, U.S. March 31, 2020. REUTERS/Jonathan Ernst
For certain small business loan purposes, the term typically refers to companies that employ fewer than 500 workers. But Congress and the Trump administration agreed to include large hotel and restaurant chains, as long as they employed fewer than 500 workers in a given location. “Who needs the support most desperately - the Big Mac or the Small-Fry?” the management of The Eleanor restaurant in Washington wrote on Instagram last week.
Before Congress could even pass the economic stimulus, consultants advised clients to ready their applications for “forgivable” loans that can turn into grants if the money is used for payroll, rent and other expenses. The restaurant industry lost $25 billion in sales and 3 million jobs in the first three weeks of March, according to the National Restaurant Association, a trade group that represents various-sized food establishments.Health-club and beauty-salon chains are also clamoring for a piece of the pie.
Nearly 20 members of Congress also want start-up companies backed by venture capital firms to participate in the program, arguing that they created 3 million jobs in 2019.
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