Court Ruling Could Foster Rent Relief
For more Covid-stung restaurants. The judge’s action in a Chapter 11 bankruptcy case is believed to be among the first uses of a common legal concept as leverage against landlords. A little-noticed court ruling could provide a way for restaurants devastated by the forced shutdowns of their dining rooms to get a break on rents for the months they were limited to takeout and delivery. Lawyers say the situation was an early test of whether states’ orders to suspend dine-in service because of COVID-19 invoked a common lease stipulation that cancels the obligations of renter or landlord. The force majeure clause waives the parties’ responsibilities if an unforeseen act prevents either one from meeting their responsibilities.
We Bailed Out Banks: Should We Bail Out Restaurants?
A bipartisan coalition of lawmakers introduced legislation to bail out restaurants. Thousands of restaurants were forced to shut down in mid-March to stem the spread of COVID-19. Although many have since reopened, their prospects are uncertain given ongoing concerns about people congregating in restaurants and other indoor spaces. The legislation — introduced by Mississippi Republican Roger Wicker in the Senate and Oregon Democrat Earl Blumenauer in the House and dubbed the “Real Economic Support That Acknowledges Unique Restaurant Assistance Needed to Survive (RESTAURANTS) Act of 2020” — would provide $120 billion in grants to non-chain restaurants through December 31.
N.J. Raises Outdoor Gathering Limit to 250 People
Indoor crowd rules also eased as coronavirus outbreak slows. New Jersey residents can now gather in outdoor groups of up to 250 people and rules on indoor groups were also relaxed Monday as Gov. Phil Murphy continues to gradually lift restrictions, he ordered to fight the coronavirus pandemic. The easing on gathering limits comes on the same day Murphy announced indoor dining and Atlantic City casinos can reopen to customers with 25% capacity limits on July 2, just in time of the busy Fourth of July weekend.
A New Jersey Bar Had Its Outdoor Dining License Revoked
After a photo showed its beer garden packed with people not social distancing. Tashmoo Bar & Restaurant in Morristown, New Jersey, had its outdoor dining license revoked after an image posted online showed a packed beer garden at the establishment. The image showed few people wearing masks, and there appeared to be little social distancing. The bar had opened just days earlier on June 15, when Morristown eased its coronavirus restrictions. Morristown’s police union president Dennis Bergman told NJ.com that he had no plans to close Tashmoo permanently.
75% of Restaurant Operators Don’t Expect to Turn a Profit
In near future. About 55% of operators with temporarily closed restaurants said there are not enough customers to justify reopening; the industry has lost $120 billion since the onset of the coronavirus crisis, according to the latest NRA survey. Restaurant operators don’t expect to turn a profit within the next six months as the industry lost $40 billion in May, bringing the total economic losses tied to the coronavirus crisis to $120 billion, according to a report released Monday by the National Restaurant Association. With dine-in operations resuming across the country, the association asked why some operators are not reopening dining rooms even if allowed. A majority, or 66% of respondents with restaurants open for takeout and delivery, said it is “too soon” to reopen dining rooms from a health perspective. About 34% of those same operators said there are not enough customers to justify reopening.
More Than 3,000 Restaurants Sign Up for Outdoor Dining
As NYC enters new reopening phase. More than 3,000 restaurants have signed up to set up outdoor dining as the city enters the second phase of its reopening, Mayor Bill de Blasio said Monday. The city is allowing restaurants to set up tables in parking spaces and on sidewalks if they fill out an online form — and since launching the application on Friday, 3,192 restaurants have signed up and received automatic approval. Outdoor dining is a key part of the latest phase of the city’s emergence from its coronavirus shutdown, along with in-store shopping, barbershops and hair salons, offices, and real estate.
Will Americans Get Another Round of Stimulus Payments?
Your top questions answered. For many Americans, federal stimulus payments are a lifeline during this period of extreme financial stress. And yet, many questions remain unanswered in the ever-changing status of these payments. Americans are also wondering how to make the best use of this one-time cash injection — or whether more money is on the way. So far, more than 159 million Americans have received economic impact payments totaling almost $267 billion. Of the payments, 120 million were sent to Americans by direct deposit, 35 million by check and 4 million payments were made in the form of a pre-paid debit card, according to the IRS.
Did You Know?
A multibillion-dollar opportunity: virus-proofing the new office. Tech, catering and design companies are rushing to sell employers on fever scanners, box lunches and office floor-planning apps for social distancing. But it’s too soon to tell if they will work. With companies pressing to figure out how to safely reopen workplaces, makers of everything from office furniture to smart ventilation systems are rushing to sell them products and services marketed as solutions. Some companies, like makers of thermal cameras that sense skin temperature, are rebranding their wares as virus-containment fever-scanning products. Others are creating entirely new services.
How is your monthly mortgage payment determined? Mortgage amortization is a fancy term for a rather straightforward concept: the process of paying off your mortgage loan in equal installments each month. It’s something you should understand if you’re among the millions who are buying houses or refinancing their existing home loans to capitalize on today’s lowest-ever mortgage rates. When you take out a new fixed-rate home loan, you can feel confident that your monthly payment will stay steady for the life of your loan. If it’s a 30-year loan and you live there for the long haul, you’ll pay the same amount every month for all three decades. But the portion that goes to your principal — the amount of the actual mortgage that you’re paying back — and the share that goes to interest will change from month to month.
Bielat Santore & Company – Restaurant Industry Daily Alerts
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