“The restaurant industry, more than any other industry in the nation, has suffered the most significant sales and job losses since the COVID-19 outbreak began.”
In a letter addressed to congressional leaders, Executive Vice President of Public Affairs Sean Kennedy explained, “On March 18, we wrote you warning of a bleak outlook for the restaurant industry […] as the pandemic was unfolding. One month later, we have a clearer picture of the severe challenges that lie ahead, and ask for a focused solution on behalf of an industry that is a vital part of every community.
Before the pandemic, the National Restaurant Association predicted 2020 sales would be $899 billion. This latest report cuts those numbers by over a quarter, suggesting the industry will face $240 billion in losses by the end of the year. That includes an estimated $30-plus billion in lost revenue in March and a projected $50-plus billion in lost revenue in April alone.
To deal with this impact, the association is asking Congress to consider its new “Blueprint for Recovery”—requesting “targeted relief for the second largest private sector employer […] that has in the past been one of the slowest to bounce back from downturns.” The group’s survey also found that over 60 percent of restaurant owners said that the federal relief already enacted wouldn’t be enough to prevent further layoffs.
“For an industry with sales that exceed the agriculture, airline, railroad, ground transportation, and spectator sports industries combined, a restaurant relief and recovery program is desperately needed,” Kennedy writes in his letter. “Every restaurant model, from the beloved corner diner, to the favorite independent restaurant, to the well-known chain has an uncertain future as economic damage wrecks an industry that is only marginally profitable even in the best of times.
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