Restaurant owners ask Trump for PPP fixes. Trump response: 'My news negates what you just said'
After two rounds of funding for the Paycheck Protection Program totaling $360 billion, restaurants are still getting crushed by the financial toll of the coronavirus pandemic.
About 9% of PPP funding has gone to accommodation and food services as of April 13, according to the Small Business Administration, compared with 13% for the construction industry and 12% for manufacturing.
Members of the Independent Restaurant Association as well as other industry executives met with President Trump at the White House on Monday to discuss the ongoing challenges facing the industry.
“What we’re learning is that people don’t really know how restaurants work,” IRC founding member Naomi Pomeroy told Yahoo Finance. “Restaurants really use this week’s income to pay last week’s bills. We definitely run on tight margins and so for us to take on any additional debt, [it’s] nearly impossible for us to survive.”
https://finance.yahoo.com/news/restaurant-owners-ask-trump-for-ppp-fixes-trump-response-my-news-negates-what-you-just-said-183245117.html
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