The $2.2 trillion stimulus was a good start says celebrity chef Tom Colicchio, but without a much larger bailout and more flexible plan, the restaurant industry will fail
“I expect 70% of restaurants will close as a result of this,” says Tom Colicchio, founder of Crafted Hospitality and host of Bravo’sWhile President Trump finally signed the expansive Coronavirus Aid, Relief and Economic Security Act on Friday, Colicchio says the bill is not adequately designed to save America’s restaurants and the jobs of millions of workers. A key section titled the Paycheck Protection Program has set aside more than $300 billion in aid to small businesses.
“We were the first industry to completely shut down,” says Colicchio. “When I told my staff we were going to close, no one whined, no one complained.” His Crafted Hospitality has laid off 300 people across its seven locations in New York, Los Angeles and Las Vegas. Chef Tom Colicchio greeting patrons, long before the coronavirus outbreak forced him to shut down all seven Crafted Hospitality locations.President Trump agrees that the industry is in trouble. “You’re going to lose all these restaurants, and they're not going to make it back. They have to get going,” Trump said. “Some are closing right now. Despite the fact that they could be open in the not too distant future. We expect that. But there are some that aren't going to be able to get open.
In addition to launching social media campaigns such as #TooSmallToFail, the IRC movement’s leaders—including food personalities Andrew Zimmern, Naomi Pomeroy and Andrew Carmellini—have hired lobbyists to fight for their industry in Washington. According to Colicchio, the coalition formed just a week ago, as Congress was already debating the legislation. The IRC stepped in as the vote drew nearer to make sure the legislation would provide “immediate relief” to the industry.
“This is why we need extended protection,” says Colicchio. “It’s important we hire back our staff, pay our bills and of course take care of our suppliers, who are fishermen, farmers and liquor distributors, and let that capital flow to our adjacent businesses.”
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