85% of independent
restaurants may go out of
business by the end of 2020,
according to the Independent
12 June, 2020
As many as 85% of independent restaurants may permanently close because of the pandemic by the end of 2020, according to a report commissioned by the Independent Restaurant Coalition.
Independent restaurants, which comprise 70% of all restaurants, rely more heavily on dine-in revenue than chains and don’t have a corporate safety net or support system to fall back on.
Restaurant owners say that while the Paycheck Protection Program provides a temporary lifeline, it won’t prevent most independent restaurants from massive losses that will force them out of business.
Owners also say it will be a long time before dine-in revenue will return to pre-pandemic levels, meaning that many restaurants will be forced to operate at a loss.
The IRC is pushing for $US120 billion in grant funding from Congress in the form of Oregon Representative Earl Blumenauer’s RESTAURANTS Act.
As many as 85% of independent restaurants may be forced out of business by the end of the year, according to a new report commissioned by the Independent Restaurant Coalition.
The report, which was conducted by consulting company Compass Lexecon, outlines the threats facing independent restaurants as the pandemic continues to affect business. Although the restaurant industry as a whole has suffered major losses, independent restaurants like mum-and-pop diners, neighbourhood Thai joints, and fine dining staples, are much more at risk than fast-food chains like McDonald’s and Starbucks. Independents, which comprise 70% of all restaurants, rely much more heavily on dine-in revenue and don’t have the corporate resources that make some chains so resilient in the face of disaster.
“What I’m afraid of is the people that are the least likely to survive are going to be these small, single-location, immigrant-run, women-run, people-of-colour-run operations. That we’re the ones that don’t have the infrastructure like the chain restaurants to survive this,” Dan Wu, owner of Atomic Ramen in Lexington, Kentucky, said on an IRC press call. Wu is an immigrant, like many other independent restaurant owners and workers.
Business Insider spoke with Amanda Cohen, who runs Dirt Candy, a vegetarian restaurant in New York City, and is a member of the IRC leadership. Cohen said that what originally seemed a two-week problem has turned into a two-year problem.
“I think it’s going to be a long haul to get back to where we were,” Cohen said. “I still have most of the same bills that I had before I closed. I still have to pay electricity and gas and purveyors. And I don’t think I will have enough customers to keep my business going.”
Restaurant owners say that while the Paycheck Protection Program has provided immediate relief for many independent restaurants, it’s a temporary band-aid for their long-term problems.
“We do have the support of the PPP loans and also the grants that are paid by the government but simply not enough to stay open long term. I don’t think most restaurants will even last to December,” Nina Compton said on the IRC press call. Compton is the chef and owner of Compère Lapin and Bywater American Bistro in New Orleans.
“We don’t have the infrastructure or the financial support that chain restaurants have,” Cohen said. Cohen received a PPP loan that she said will last her through December, but she’s unsure if she’ll be able to stay open after that. “I don’t know who I turn to now if I need more money.”
Restaurants already operate on razor-thin margins. For sit-down restaurants, those margins are decimated by capacity limits, which will likely be in place until a vaccine is found. Many restaurants that have pivoted to delivery have found that it still isn’t profitable – even with cities capping delivery platform fees at 15%. A recent Eater survey of San Francisco restaurant owners found that 87% said they would not be able to survive on just delivery and takeout, and 60% said they’re losing money by staying open.
It’s likely that restaurants won’t be able to return to pre-pandemic business levels until they’re able to open dining rooms at full capacity without social distancing restrictions. Although May saw the return of nearly 1.4 million restaurant jobs, that recovery trajectory is unlikely to persist through the coming months as most restaurants continue to operate at a loss.
Especially in dense urban areas like New York, social distancing protocols are a death sentence for small restaurants that pay high rent and rely on densely-packed dining rooms “There’s just no way any of us in Manhattan can survive,” Cohen said.
In Congress, the IRC is pushing for restaurant-specific funding in addition to the PPP with a new bill spearheaded by Oregon Representative Earl Blumenauer. Blumenauer’s proposed bill, the RESTAURANTS Act, or the Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive Act, would provide $US120 billion in grant support to independent restaurants.
This may be the extreme end of commentary about what may be going down (so,I am not supporting it) ,but how much of it is WRONG?
Whilst I have been following the website I have stopped listening to the radio show. It is not what I need right now
COVERT INTEL: Coronavirus
outbreak / Economic
Shutdown / Riots — all part of
a very large plan. Worse is
13 June, 2020
It is my very sad duty to reveal the Master Plan behind the ongoing troubles. Yes, there is a Master Plan. It involves the coronavirus outbreak, the economic shutdowns, the ongoing riots in the USA and elsewhere. These things were ALL planned and the future plans call for very much worse. There is a single goal to all of this, and I have been told what that plan actually is, and why it will happen. .
Did you catch the covered-almost-nowhere “news” about the US Debt? It’s up to twenty six trillion dollars and climbing. It climbed $2 Trillion in only 63 days!
What? You DIDN’T hear much about it? Oh. No wonder. Neither the government nor their lackeys in the mass-media want too many people paying attention to that. It’s one of those inconvenient truths. I covered it HERE.
Those of you who can still do basic math will already know, that level of debt is not only unsustainable, the US government no longer has enough cash to pay the INTEREST ALONE, never mind the principal.
Put simply, for the federal corporation known as “UNITED STATES” it’s over. They spent themselves – literally – into oblivion.
As our nation exists now, in our present constitutional republic, this debt cannot be paid back. There simply is no way for government to tax enough to balance the books, without the American people literally revolting.
So their dilemma: How to pay back the money owed and still remain in power? Yes, the whole “remain in power” thing is VERY important to them.
So they came up with a criminally brilliant plan.
Step 1. Release a virus to create a pandemic.
Step 2. Order the closure of businesses to DELIBERATELY inflict FATAL economic catastrophe on businesses, knowing that small and even medium-sized firms will go belly-up. The shutdowns would also wipe out family savings and create a destitute population. Destitute people are easy to control. Want food? Obey. Want housing? Obey.
Step 3. Re-open the economy, but inflict a SECOND WAVE of disease a few months later . . . around mid-September is what I was told today. This will literally finish off most of the economy; destroy most of the remaining businesses and cause financial collapse of american families the likes of which has never been seen in history. This will be DELIBERATE. They need to do this to implement their plan. Wait, it gets worse; a LOT WORSE.
Remember the Trade War between the US and China? The US owes China an awful lot of money, and China knows the US has been creating cash out of thin air via the federal reserve. So China pulled the rug out from under the federal corporation called “UNITED STATES.”
China told the US Government “We will no longer accept digital entries in a computer ledger as payment for goods, services or your debt to us. We want tangible products instead . . . or we go to war.”
Think about that for a second. China can field a two-hundred-million man army. We can’t. So we’d have to use nukes. But China wants our physical land. Our territory. To grow food and provide space for their ever increasing population, presently 1.6 BILLION people. Nukes would fuck that all up because the land would be ruined for generations. ANd the US doesn’t want a nuke war either, so some solution had to be found.
China told the US to start shipping food and tangible products to pay off our debt to them and that’s what we’ve begun doing.
The “food shortages” in the United States, where vast sections of our normally filled supermarkets are now empty . . . for months . . . is not because of “supply chain disruption from COVID-19”, it’s because the United States government is using the Defense Production Act to force companies to sell food, goods and services to the US Government FIRST . . . and the government is shipping it all to China to pay off government debt.
China is getting tangible products in payment of our government debt, and the American people are finding themselves unable to buy meats and other goods!
The US is shipping so much food to China, they’re sending 747 cargo planes full of live pigs! Here. Look:
Its not just food. Its other products too. Even cars, trucks, heavy equipment. The American companies are being paid US dollars by government, the government is taking the products and vehicles, and shipping them to China to pay government debt.
The fact that China is now refusing to accept US Dollars is a massive disaster. When other countries find out, they will dump our currency too, and on that day, TRILLIONS in US cash will start pouring back into the US from countries who no longer want it or need it. As that cash pours back into the US, inflation will hit us so hard, it will smash the average family. I mean smash them into poverty. Food, goods and services will increase in cost exponentially. People will be destitute and starving. They’ll be desperate for help. But the government is broke. So what to do?
We’re already seeing very big price hikes in food. Now, you know why.
Now comes . . .
Step 4: Government will use the TAKINGS CLAUSE of the Constitution, to begin TAKING Corporations as government property, “for public use.” What is the public use? Payment of the Public Debt. The profits of those corporations that previously went to stock holders, will then all go to . . . government.
Now, the $16-$19 Trillion US economy will see about four Trillion going into the US Treasury . . . which they can use to pay back the debt. Stockholders? Fucked.
The price that government will pay to takeover corporations will be dramatically lower than typical market value. Why? Because the economic shutdown wrecked the companies and their profits! Government will step in and grab the companies on the cheap.
It’s already being lined up via the federal reserve. The federal reserve has been pumping literally TRILLIONS into markets, buying stocks to keep prices up.
Uber-rich stockholders who know what’s happening are quietly getting OUT of the market because they know they will lose their shirts when government invokes the TAKINGS CLAUSE, so they’ re dumping stocks now. IF YOU are still holding stocks, in your I.R.A. or anywhere else, YOU will be the one fucked when it all comes down.
That’s why the Federal Reserve agreed to do a sort of partial merger with the Treasury. The fed manages the cash supply and keeps the economy going, while watching its balance sheet go so far into the red, they’d never recover. When it all goes to hell, that “merger” gives the US Treasury all the stocks held by the fed, which instantly gives the Treasury a VERY LARGE ownership of existing stocks bought by the fed. Taking over those corporations will be child’s play at that point. Cheap and easy.
Now, stockholders are fucked out of their stock value, and lose big if they held on hoping the market would be stable or grow. Government is then grabbing corporate profits via ownership.
Oh, and the industry they have their eyes on first? Insurance companies. Why? Because those companies have cash reserves totaling just over SIX TRILLION DOLLARS, which government would takeover once the companies are taken. Nice downpayment on the $26 Trillion national debt, right?
But what about States?
Well . . .
The plan is for States to the TAKINGS CLAUSE of their state constitutions, to do the same thing. Only instead of grabbing corporations, which will almost exclusively be owned by the feds, states will have to take something else. They will. OUR HOUSES! And then we will pay the state RENT to live in our own homes. The states will use that money to pay off their debts.
In one fell swoop, this plan converts the free United States of America, into a fully government-owned Communist state.
Make political noise? Someone ELSE gets your house. Someone ELSE gets food.
The reason places like Seattle are not moving against the Communists who seized a portion of the city, is because they all know the plan; the country will be converted to communism anyway, so why bother the early arriving commies?
Disbanding the local police, is also part of the plan. No community ties to the local armed force. No law in the cities. Anarchy. Confusion. Hunger, Desperation.
It’s all part of the plan. OUR OWN ELECTED OFFICIALS ARE DOING THIS TO SAVE THEMSELVES! ! ! ! ! ! Power; at any cost.
Things WILL get worse because they’re planning it: Real (but set-up) Mass-shootings as a pre-text to grab more guns. Shortages of ammunition – all being bought by government under the Defense production act, to keep it OUT of our hands.
Major outages to the electric power grid to spoil food, wreck open businesses, cause chaos, looting and spikes in crime.
Outages of prescription medicines.
And watch the mass-media, spinning all the gloom and doom they can while telling us to obey the government and so what they tell us. Because most of the mass-media, are filthy commies and socialists from gitgo.
They’re using DELIBERATE government racial violence by police to cause rioting and looting. They’re even providing the rioters with BRICKS to use against private property!
Now, they’re even disbanding police departments. Hoe the hell can a society be free and safe without police? They don’t want us free or safe. Chaos is what they need. and they’re creating it.
They HAVE to do this, because they spent themselves into oblivion, and don’t want to go to a war they can’t win.
Unless the local Communists are taken out IMMEDIATELY when they rear their ugly heads, this nefarious plan will be defacto completed. We cannot let them sew chaos, anarchy, poverty, destitution. We, free American citizens, will lose everything we worked for all our lives. Our children will not know freedom or our land of plenty.
Prepare, folks. Prepare to fight.
When you hear about a SECOND WAVE of COVID-19, and your state tells you they order another shut down; oust them. Immediately. By whatever means it takes. Put a stop to them. Immediately. They’re doing this to destroy us. They need us completely financially wrecked, totally destitute, starving for THEIR help, which they’ll gladly give, for our absolute obedience. Slavery.
The people doing this must be stopped. They may have to be stopped in a way that hasn’t happened in this land for about 240 years.