From The James Beard Foundation Website:
Since the start of the COVID-19 pandemic, the James Beard Foundation has been polling chefs and restaurant owners about its impacts on the food and beverage industry. We conducted two rounds of surveys, the first closed on March 16, one day after the first state-wide mandates for restaurant closures were enacted. The second began on April 9, about a week after the Paycheck Protection Program had been active, and closed this week on Monday, April 13.
Just over 1,400 owners, from predominantly small and independent restaurants, responded to the April survey on SurveyMonkey. Below are some of the highlights from this most-recent survey:(See full survey results here)
- As of April 13, on average, restaurants have laid off 91% of their hourly workforce and nearly 70% of their salaried employees. Last month, respondents reported that they had let go of 78% of their hourly workers and 58% of their salaried employees.
- 28% of restaurants surveyed in cities with mandatory closures don’t believe they can survive more than a month of closure (up from 17% in March); 28% believe they can only survive up to two months of closures (up from 10% in March).
- Only 1 in 5 restaurant owners in cities that are shut-down are very certain or somewhat certain that they will be able to sustain their businesses until normal operations resume.
- 44% of restaurant owners estimated their own businesses could make it through another month with an infusion of between $10,000 and $25,000 cash. Nearly 68% reported needing $50,000 or less.
- Restaurant owners said the biggest immediate cash challenges are: rent (39%); payroll (34%); and taxes (9%).
- More than 51% of restaurants responding have taken at least $50,000 in new debt obligations as a result of COVID-19.
It should also be noted that James Beard Foundation in an effort to help bring swift economic relief to these essential businesses, has launched a fund by gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need. To donate or find out more click here.