Unless something changes, many independent restaurants will close permanently, no matter how much delivery and take-out we order. FWPro
Of the nine percent of funds given to the hospitality industry, it was revealed that millions of dollars were given to large chain restaurants like Shake Shack, which was awarded $10 million in loans. Ruth’s Chris Steakhouse was given $20 million, and Sweetgreen, the billion-dollar salad chain, was given $10 million.
What perhaps is most frustrating for small-restaurant owners is that they don’t need millions of dollars to stay afloat, and yet they are having a difficult time getting access to capital. According to a survey from the James Beard Foundation and the IRC, 68 percent of restaurant owners said they could keep the doors open for at least another month with a cash infusion of $50,000 or less. For the loan Shake Shack received, the money could have instead helped at least 200 independent restaurants.
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