Posted May 4th, 2020 in Top Stories with Tags COVID-19, Restaurants
[VIDEO] The Effect of COVID-19 on the Restaurant and Food Truck Industries
The threat to these industries is nothing short of existential, says Special Counsel John Levy in a presentation that he gave with Club E Digital on April 30, 2020. According to the Independent Restaurant Coalition, independent restaurants directly employ 11 million workers and indirectly employ tens of millions more up and down the food and hospitality supply chain. Even though they’re small businesses, they collectively contribute $1 trillion to the economy each year and account for 4% of GDP. Although the CARES Act attempted to provide a temporary lifeline for small businesses, it does not provide adequate resources or the right tools to ensure the survival of the thousands of independently owned restaurants and food trucks in Minnesota which account for almost 200,000 jobs statewide.