Independent Chefs and Restaurateurs
Call on Congress for better stimulus terms. The Independent Restaurant Coalition (IRC) is calling on Congress to rectify the recently passed $2 trillion coronavirus stimulus package in order to better ensure the survival of independent restaurants across the country in the wake of the COVID-19 pandemic. Although the CARES Act attempted to provide a temporary lifeline, it unfortunately does not provide adequate resources or the right tools to ensure the survival of the independently owned restaurants nationwide that contribute nearly $1 trillion to the economy annually.
The Fed is Lifting Wells Fargo’s Asset Cap
So it can help lend to small business. The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. In a move that was expected, the central bank said Wells will have to return proceeds it gets from the Payment Protection Plan and a coming Main Street lending program either back to the Treasury Department or to a nonprofit.
Every Recession in US History
How the country responded. The United States economy has seen nearly 50 notable economic declines. What goes up must come down, especially when it comes to the U.S. economy. While the financial effects of the COVID-19 pandemic have yet to be fully felt, data from the National Bureau of Economic Research gives a sense of how the United States responded to recessions tracing back to 1785.
Did You Know?
Passover begins today. For generations Jewish families have gathered for the first night of Passover to recount the 10 plagues from the Book of Exodus and to remember how God delivered the Jewish people from slavery in Egypt thousands of years ago. However, this year’s celebration will be different. Many Rabbis are stressing the necessity of avoiding the typical Passover dinner, or Seder, packed with loved ones. Household-only or holiday gatherings through webcams will have to do this year.
Shalom to all of our Jewish friends and neighbors.
If you can’t pay your mortgage, here’s what you need to know. If you’re experiencing financial hardship because of the coronavirus pandemic, the Cares Act gives you the right to ask for an initial forbearance of up to 180 days. If you need additional relief, you are entitled to an extension for another 180 days. Interest still accrues, but fees and penalties are waived.
Restaurant Industry Daily Alerts
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Thank you and remember all of the “Restaurant Industry Alerts” can be found at www.123bsc.com/news/. We intend to continue to keep you informed as we all look for an end to this crisis.