Several American industries that have been decimated by the coronavirus outbreak are asking for federal bailouts. The price tag reaches into the hundreds of billions of dollars.
The nation's restaurants need a massive $325 billion bailout, according to the industry's trade group. It is by far the largest request for help of any industry so far.The hotel industry needs another $150 billion. The industry's request for help calls for $80 billion to $100 billion for income assistance for employees who are furloughed, and the rest in no-interest or low-interest loans for hotel owners. The industry has 8.3 million employees, according to its trade group.
It said without help many will not be able to reopen once the crisis has passed."We are revising our business model to provide meals in different ways , but we are facing economic headwinds that will lead many restaurants to shut down operations, lay off workers, and end our service in our communities," said the group's letter.
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