New York meals magnate Danny Meyer has had an on-again, off-again relationship with PPP loans. Now it’s on once more — to the tune of $11 million.
Meyer’s Union Sq. Hospitality Group, which incorporates 18 privately owned eating places and cafes, took in a mixed loan quantity of between $11.four million and $27 million from the Small Enterprise Administration’s Paycheck Safety Program, in line with Bloomberg. That comes only a few months after Meyer’s Shake Shack reportedly returned $10 million in federal loans following criticism that enormous corporations had squeezed out family-run companies.
“PPP loans have been one of the few pieces of hope the restaurant industry has been provided in recent months, and so of course we applied,” Meyer instructed Bloomberg.
As coronavirus circumstances surged throughout the U.S. in previous weeks, New York Metropolis rolled again its plans to permit indoor eating, leaving eating places in a precarious place.
“Takeout, delivery and limited outdoor seating provide only a fraction of the revenue restaurants need in order to survive,” Meyer stated.
Among the many eating places that acquired PPP loans had been Blue Smoke, Union Sq. Cafe and Gramercy Tavern, with Meyer saying the precise quantity of loans USHG eating places acquired was nearer to $11.four million than $27 million.
Earlier than the pandemic, USHG employed roughly 2,300 individuals. Now it employs 99. [Bloomberg] — Orion Jones