Our survey says less than half of applicants for PPP have received funding
April 21, 2020
Read Time 2 mins
Since the start of the COVID-19 pandemic, the James Beard Foundation has been polling chefs and restaurant owners about the impacts on the food and beverage industry. Our most recent snap survey ran from April 17 to April 21, 2020 and focused on owner-operators and the Paycheck Protection Program.
Just over 1,800 owners, from predominantly small and independent restaurants, responded to the survey on Survey Monkey. Below are the some of the top takeaways from the results:
As of April 16, 2020, funds for the $349 billion Paycheck Protection Program (PPP) to keep workers on payrolls have been exhausted. Money also has lapsed for the Economic Injury Disaster Loan program (EIDL) which offered government loans and emergency grants of as much as $10,000.
As Congress debates the next round of stimulus, with final votes expected by Thursday, it is clear that the PPP and related programs aren’t doing enough to help small businesses—in particular independent restaurants—through the COVID-19 crisis.
The majority of respondents had applied to one or more loan programs, including small business loans through the Paycheck Protection Program:
This remains an unprecedentedly challenging time for the restaurant industry, and we at the James Beard Foundation are committed to supporting the community and ensuring its economic and cultural viability in the future.
Learn more about the James Beard Foundation Food and Beverage Industry Relief Fund and donate now.
By JBF Editors
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