By Jacob Wolinsky. Originally published at ValueWalk.
Independent Restaurant Coalition: Paycheck Protection Program (PPP) Fixes Give Independent Restaurants Hope
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:
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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