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President Donald Trump assured restaurant owners that therapies and a vaccine for the coronavirus and a tax cut would restore their businesses, after they asked him to extend a small-business lending program.
The U.S. coronavirus outbreak has heavily damaged the restaurant industry, which saw most of its dining room business evaporate as customers confined themselves to their home in fear of infection. Millions of restaurant workers have been laid off since March.
Jose Cil, the chief executive of Burger King parent company Restaurant Brands International, told Trump in a meeting at the White House on Monday that the Paycheck Protection Program should be extended so that the loans can be spent over 24 weeks. Several other restauranteurs agreed.
Will Guidara, the owner of Eleven Madison Park, told the president that more restaurants would re-open if the loan program is changed to be more beneficial to restaurants and if owners are confident the loans will be forgiven. “We need something more than that, that is specific to independent restaurants,” he said.
18,937 in U.S.Most new cases today
-14% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.005 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-4.8% Global GDP Tracker (annualized), April