National Restaurant Association says it could see $225 billion in losses
The National Restaurant Association says restaurants and the food service industry could see $225 billion in losses if they remain shut down over the next three months because of the coronavirus pandemic.
The association wrote a letter to President Trump asking the administration to support its restaurant recovery plan with the upcoming economic stimulus package. The plan would include direct and targeted financial relief, loans or insurance options for impacted small businesses, a federal loan program equal to lost revenue, tax breaks and more.
The letter says the industry is revising business models to provide meals through takeout and delivery but is facing economic headwinds that may lead many restaurants to shutdown and lay off workers.
The association estimates five to seven million jobs could be lost.