Economic impact of new coronavirus could mimic major natural disasters, big restaurateurs say (Via EaterNY)
, but with so much uncertainty of when the public health crisis will end, some of the city’s biggest restaurateurs are now comparing potential financial effects to what happens with other major disasters — like hurricanes, major recessions, or terrorism.
Indeed, when other major disasters like Hurricane Sandy or 9/11 have happened, the local community has rallied behind small businesses after the dust settled.in order to curb the current novel coronavirus pandemic in order to protect the most vulnerable — making New Yorkers more cautious about group events, from Broadway shows to dining out.
“Our business is going to be impacted,” Meyer said in the video. “People are not feeling comfortable about going out right now.”no-interest small business loans, up to $75,000 for businesses with fewer than 100 employees who can prove 25 percent declines, but there’s little clarity yet around how long it will take for restaurants to go through those application processes and access that money.
Colicchio also said that tax breaks might end up being necessary for restaurants, which operate month-to-month and pay quarterly taxes. The government could, for example, stop collecting sales tax or reduce the collection to ease the burden, he says.
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