Proposed Changes to PPP A Good Start for Independent Restaurants, But Not Sufficient

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Proposed Changes to PPP A Good Start for Independent Restaurants, But Not Sufficient
<a href="https://pixabay.com/users/motointermedia/">motointermedia</a> / Pixabay

Today, the Independent Restaurant Coalition (IRC) issued the following statement on the bill proposed by the House of Representatives, which includes sweeping fixes to the Paycheck Protection Program (PPP):

“Independent restaurants are being heard on Capitol Hill. We are grateful to the members of Congress who fought for these critical changes to the Paycheck Protection Program. The expansion of EIDL and improvements to PPP included in the House Democrats’ proposal will give 500,000 small restaurants a better chance of reopening their doors when it’s safe to do so, however, more work from Congress is needed to ensure independent restaurants have the resources needed to stay in business.

The PPP remains an eight week band-aid for an 18 month problem overwhelming independent restaurants, who face nearly insurmountable odds as they meet new requirements for public safety. They will incur new expenses for necessities like protective items and heightened cleaning protocols, while modifying dining rooms to reduce seating will cause independent restaurants to lose up to 50% in revenue if they are able to reopen at all. Independent restaurants will not be ‘back to normal’ anytime soon, and that’s exactly why we’ve asked Congress for a stabilization fund; to ensure these businesses can reopen, stay open, and re-employ 11 million people.”

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The Independent Restaurant Coalition was formed by chefs and independent restaurant owners across the country who have built a grassroots movement to secure vital protections for the nation’s more than 500,000 independent restaurants and the more than 11 million restaurant workers impacted by the coronavirus pandemic.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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