An industry survey conducted by The James Beard Foundation to assess "the impact of coronavirus on restaurants" has revealed that the US restaurant industry will need an infusion of as much as $92 billion.
The survey was launched online on March 15 just a day after the first statewide mandates to close restaurants were announced and completed by 1500 industry workers, from chefs to beverage professionals.
Over half of the respondents had one restaurant and 66% employed up to 50 people. At the time of the survey respondents said they had already had to let go 78% of their hourly workers and 58% of their salaried employees with almost 75% believing they will be unable to reopen after 2 months. (see all the results below)
Based on an estimated 480,000 independent restaurants in America, the industry would require an infusion of as much as $92 billion, the James Beard Foundation report.
If you want to show US restaurant industry your support, donate to the James Beard Foundation Food and Beverage Industry Relief Fund.
James Beard Foundation Survey Results on the Coronavirus Impact on Restaurants
- More than 60% of all respondents do not have enough operating capital to sustain a closure for one full month; and 80% are uncertain whether retooling to offer delivery and take out would be able to sustain them.
- Of those restaurants in a municipality that had been forced to close, almost 75% believe they will be unable to reopen after 2 months.
- At the time of this survey, respondents said they had already had to let go 78% of their hourly workers and 58% of their salaried employees.
- On an individual basis, 44 % of the respondents estimated their restaurants could make it through their first month of closure with an infusion of just $25,000 cash.
- To sustain themselves for three months, 77% or respondents thought it could take up to $250,000.