U.S. Banks Seek Term Changes
As Fed Finalizes Main Street Lending Program. U.S. banks are pushing the Federal Reserve to change the terms of a $600 billion lending program for small and medium-sized businesses, including reducing minimum loan sizes and allowing more flexibility on underlying reference rates, industry groups said. Over the past few days, Washington-based bank groups have given the Fed feedback on the terms of the Main Street Lending Program designed to help mitigate the economic impact of the coronavirus outbreak. The program was unveiled on April 9 and is due to launch in coming weeks. As part of that program, banks will make loans to eligible small and medium-sized businesses and the Fed will then purchase 95% of the loan via a special-purpose vehicle.
Americans Need Confidence Before Life Can Return to Normal
How do we overcome fear? Danny Meyer — restaurateur and founder of Shake Shack — said that he is already envisioning the changes he will make when he finally gets the green light to reopen his restaurant empire. Kitchen employees will have to wear masks and not only have their temperature taken but also look their manager in the eye and verbally confirm they are feeling healthy. He is imagining other tweaks, too, to help reassure guests — from maitre d’s with laser thermometers to a coat check overhaul to a more European-style payment system that doesn’t require handing a credit card to the server.
America’s Biggest Cities Were Already Losing Their Allure
What Happens Next? The pandemic has been particularly devastating to America’s biggest cities, as the virus has found fertile ground in the density that is otherwise prized. And it comes as the country’s major urban centers were already losing their appeal for many Americans, as skyrocketing rents and changes in the labor market have pushed the country’s youngest adults to suburbs and smaller cities often far from the coasts. The country’s three largest metropolitan areas, New York, Los Angeles and Chicago, all lost population in the past several years, according to an analysis by William Frey, a demographer at the Brookings Institution. Even slightly smaller metro areas, like Houston, Washington, D.C., and Miami grew far less slowly. In all, growth in the country’s major metropolitan areas fell by nearly half over the course of the past decade.
Did You Know?
Can you match these restaurants to the correct classic TV shows? Everyone has a favorite spot, a diner for a routine breakfast, a burger joint, a fancy place for celebrations. Even TV characters had to eat. That’s why many of them hang out in their haunts. Some grab a bowl of chili, others gab over coffee. Maybe it was a special meal for a first date — or a new business endeavor. Try to match these eateries with the right shows!
Employee Tip
How to pay off high-interest credit card debt during an economic downturn. If you are one of the roughly 110 million Americans who have credit card debt during the Coronavirus pandemic, you may be wondering how you can pay your bills during this unprecedented economic downturn. While debt is always stressful, it is even more difficult to manage in this time of uncertainty when millions of people are losing their jobs or temporarily furloughed.
Restaurant Industry Daily Alerts
A voice for our industry. If you are finding these daily bulletins informative and beneficial during this pandemic, we kindly ask that you write a brief Google review providing a vote of your appreciation. Simply Google “Bielat Santore & Company” and when the company name appears click the button on the right to write your review or; if you don’t use Gmail, go to Google Maps, type “Bielat Santore & Company” – Allenhurst, NJ into Google Maps; scroll down and you will see an option to leave a review.
Thank you and remember all of the “Restaurant Industry Alerts” and “Thursday Restaurant Rap” interviews 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.
