U.S. Markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0079 (-0.6526%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Vix

    24.34
    +1.09 (+4.69%)
     
  • GBP/USD

    1.3589
    -0.0051 (-0.3710%)
     
  • USD/JPY

    103.7250
    -0.1170 (-0.1127%)
     
  • BTC-USD

    35,686.21
    +685.55 (+1.96%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.12 (-0.62%)
     

How The Restaurant Industry Will Be Served Under Latest PPP Relief

Jayson Derrick
·1 min read

U.S. lawmakers agreed over the weekend to implement a new $900 billion stimulus bill that's "better than nothing, yet still a disgrace," according to Andrew Rigie, executive director of the NYC Hospitality Alliance.

PPP Round 2: Part of the government's plans include a new round of the Paycheck Protection Program. The restaurant industry could benefit from the new measures that allow owners to deduct payments made with the funds out of their taxable income.

The new PPP program offers business owners "some hope" for keeping their doors open moving forward, according to Restaurant Dive. But the restaurant industry continues to bleed jobs as 17,000 new people in November alone were let go.

Unemployment across the leisure and hospitality sectors 134% higher than the national average and the sector will combine to generate $240 billion in lost sales by the end of 2020.

Related Link: Dave Portnoy Launches Barstool Fund To Raise Money For Small Businesses Hurt By Pandemic Shutdown

'Band-Aid' Solution: The federal government's inability to enact the RESTAURANTS Act as part of its stimulus program is "shameful," Rigie said in a statement to Benzinga. This bill would give structured support to save small businesses that have been "uniquely devastated" by the pandemic.

As such, the government's relief program is "merely a band-aid on a cannon wound," Rigie said.

"Clearly the crisis is far from over, and we'll continue to advocate for comprehensive federal support to save restaurants, bars and jobs," the statement said.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.