IRC: PPP Fixes Give Independent Restaurants Hope

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IRC: PPP Fixes Give Independent Restaurants Hope
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Independent Restaurant Coalition: Paycheck Protection Program (PPP) Fixes Give Independent Restaurants Hope

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Q1 2020 hedge fund letters, conferences and more

WASHINGTON, D.C. — Today, the Independent Restaurant Coalition (IRC) released the following statement on the passage of the Paycheck Protection Program Flexibility Act in the United States Senate:

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Flexible PPP Funds Give A Fighting Chance For Restaurants

“By making PPP funds more flexible, Congress is giving independent restaurants a fighting chance at reopening. Republicans and Democrats put forward a bill that gives many restaurant owners some hope amidst these unprecedented times. We are grateful for Senate Majority Leader Mitch McConnell, Minority Leader Chuck Schumer, Senators Ben Cardin, Steve Daines, Cory Gardner, Tim Kaine, Angus King, Marco Rubio, Debbie Stabenow, Thom Tillis, and Reps. Dean Phillips and Chip Roy, who were among the first to listen to the unique needs of independent restaurants during this crisis.

"Even with these changes, many restaurants will still have a hard time surviving the crisis we’re in. Social distancing measures are forcing restaurants and bars to operate with dramatically reduced revenues for the foreseeable future, which will be unsustainable in the long-run. The coronavirus pandemic is a long term problem and these PPP fixes are only the beginning of a solution. We need an independent restaurant stabilization fund like the one proposed by Rep. Earl Blumenauer to ensure 500,000 independent restaurants can reopen, stay open, and re-employ 11 million Americans."


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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