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Monday, February 15, 2021

Hospitality industry snags $18 billion in latest round of Paycheck Protection Program

Posted By on Mon, Feb 15, 2021 at 11:19 AM

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Restaurants and hotels grabbed nearly 18% of the $101 billion in loans delivered under the latest round of the federal Paycheck Protection Program, reports.

U.S. Small Business Administration data from February 7 shows that the $18 billion in loans is the most received by any industry so far this year.

During the first round of PPP — which ran from April to August of 2020 — just 8% of the loans, or about $34 billion, went to the hospitality sector, according to August SBA data.

While $18 billion seems like a hefty sum, members of the National Restaurant Association and the Independent Restaurant Coalition say it's just a drop in the bucket. The pandemic has cost U.S. restaurants and bars more than $240 billion dollars in sales since March, according to the two groups.

In a February 10 letter to Congress, the organizations said that as of last December at least 110,000 restaurants and bars across the country have permanently closed their doors due to the pandemic. Hundreds of thousands more have furloughed staff as they adapt to decreased demand and state-mandated dining restrictions.

The Alamo City has seen its share of layoffs and losses. Downtown’s Mexican Manhattan, near East Side landmark Spaghetti Warehouse and then-newcomer Eastside Kitchenette were all among the the local establishments that closed last year.

So many restaurants, so little time. Find out the latest San Antonio dining news with our Flavor Friday Newsletter.

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