Our economic recovery will need our restaurants

I believe that our restaurant industry is both an invaluable contributor to our economy. It’s also going through an unprecedented financial emergency right now. You can read my thoughts on it in more detail here.

Following up on my thoughts on on why we need to save the restaurant industry, I found these articles further explaining the crisis facing our restaurant and hospitality industry right now.

Restaurants need evictions off the table

COVID-19 and the restaurant apocalypse

Restaurants Are F**ked — Unless They Get a Bailout

The need for big scale government and financial industry intervention is increasing. As I stated before, there are no major industry players that you can give money to in order to keep the industry a float. The problem is that it is made up of mostly small to medium sized business owners. All with very finite resources to keep them and their employees working in these perilous times. As many, including myself are stating, the best way right now is to work with lenders and landlords to find away to ensure these businesses are able to stay in their locations and with as minimal debt as possible. Mostly through loan payment adjustment and eviction protections.

The reason why this is so important is because these restaurants are what is going to be need to kick start the economy once the COVID 19 crisis has passed. Our economy is essentially on pause at the moment. Demand is there, confidence is there, we are just all not engaging in it as normal. Our economy is dependent on interacting socially to exchange commerce. COVID 19 has perversed that concept in an unprecedented or foreseen way. If we are able to continue our social distancing practices so that we are indeed able to ‘flatten the curve’ our economy should be able to recover stronger than ever.

A key mechanism for that recovery though, will be industries where direct injections of cash are able to flourish. Restaurants and hospitality industries are the best way for this to happen. We are going to be aching to get out and socialize once this is all over. I know as you’re reading this you’re thinking of a favourite restaurant or eatery that you’ve been missing. As well as the friends and family you want to share it with. There are millions of people just like you who are thinking the same thing. Imagine that injection of funds into our economy on a scale of millions.

The caveat is that we need to ensure that our restaurant industry is taken care of to ensure that this injection mechanism is healthy enough to work for our economic recovery. Financially assisting our restaurant industry now will pay off in dividends at the end of this crisis. It’s a sure bet.

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