ML-Implode News - 'It doesn't make any sense,' Restaurant owners push back against CARES Act SBA loan restrictions

"The challenge with the loan and the potential loan forgiveness is the 8-week window of time for spend, which may not work as intended for every business," Rubin said. "Some restaurants will not see revenue above single digits of their pre-COVID steady state for some time. This will make it near impossible to rehire 100% of [full-time employees] which is the majority of the basis for the loan and loan forgiveness."
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"The stimulus package tells us we'll forgive your loans if you hire everybody back by June. Well, I can pretty much guarantee you that restaurants are not going to be back full force by June," Meyer said. "Hopefully, we'll see somebody come to their senses. And it's just not realistic for our business."

With more than a million restaurants across the U.S., the industry accounts for more than 15 million jobs in the country, according to the National Restaurant Association. Grim projections suggest a $225 billion loss stemming from the pandemic.

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'It doesn't make any sense,' Restaurant owners push back against CARES Act SBA loan restrictions