Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

US restaurants could lose $240 billion in 2020 due to COVID-19 pandemic, survey shows

by DAILY SABAH WITH AGENCIES

ISTANBUL May 26, 2020 - 2:18 pm GMT+3
A worker at Cipriano restaurant waits for a curbside customer in the Soho neighborhood, New York City, New York, U.S., May 22, 2020. (AFP Photo)
A worker at Cipriano restaurant waits for a curbside customer in the Soho neighborhood, New York City, New York, U.S., May 22, 2020. (AFP Photo)
by DAILY SABAH WITH AGENCIES May 26, 2020 2:18 pm

Restaurants across the United States had lost a combined $80 billion in revenues by the end of April and could lose $240 billion by the end of 2020 due to the coronavirus outbreak, according to a survey conducted by the National Restaurant Association.

The report said that the survey conducted with 6,500 restaurant operators estimated $30 billion in lost sales in March and $50 billion in April due to the lockdowns, and this figure could go as high as $240 billion by the end of the year.

In addition to the lost revenue, more than 8 million restaurant employees, two out of three, have been laid off or furloughed and 4-in-10 restaurants have been closed since the beginning of the outbreak.

To help businesses weather the crisis, the U.S. federal government unveiled the $350 billion small business lending program as part of the Coronavirus Aid, Relief and Economic Security Act, or CARES act. The intent of the law may have been to encourage restaurants of all sizes to reopen and bring back their laid-off workers.

However, the association warned that the existing federal loan program is not adequate enough to prevent more layoffs and shutdowns.

Roughly 1.6 million small companies were able to obtain loans, the Small Business Administration said, out of at least 6 million that were likely eligible, according to Census data. Bank of America economists estimate that another $650 billion would be necessary to meet demand.

Adam Rammel received a $160,000 loan for his restaurant and bar in Bellefontaine, Ohio, near Columbus, though he’s uncertain about how many of his 17 laid-off staffers he will be able to rehire and when. Even when Ohio ends its restaurant shutdown, Rammel expects to face restrictions on how many people his place, Brewfontaine, can have on the premises.

“We have a small restaurant – we usually pack 90 to 100 in and they’re on top of each other. If everyone has to be 6 feet apart, with 40 or 45 (customers), we can’t pay the bills,” Rammel said. He expects to bring his employees back slowly.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    covid-19 outbreak restaurants united states cafes cares act
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Percival Lugue, who has the Guinness world record for the largest fast-food toy collection, poses with his toy collection in his home in Apalit, Pampanga province, Philippines, April 20, 2021. (REUTERS Photo)

    Filipino man collects record 200,000 toys from fast-food chains

    TOY-MANIA
    Parts of the newly completed last section of the Northern Marmara Motorway, Istanbul, Turkey, May 19, 2021. (DHA Photo)

    Turkey raises speed limits on highways starting from July

    SPEED-LIMIT

    Türkiye's 1st domestic heavy-class attack helicopter starts engine

    heavy-class-attack-helicopter

    Istanbul's consulate chronicles: Sudhi Choudhary, Consul General of India

    SUDHI-CHOUDHARY
    No Image
    In photos: The start of the holy month of Ramadan
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021