US restaurants are on track to lose $50 billion in April, with losses mounting to an estimated $240 billion by the end of 2020, as the coronvirus crisis ravages the industry, according to a National Restaurant Association survey released on Monday.
FEDERAL RELIEF PROGRAMS WILL NOT HELP
At least 60 percentof operators say existing federal relief programs will not help them prevent more layoffs, the survey found.
A total of 22.034 million people have filed claims for jobless benefits since March 21, representing about 13.5% of the labor force. Employment bottomed at around 138 million in December 2010 and peaked at 158.8 million in February. At face value, the staggering claims numbers set the economy on course for job losses of more than 1 million in April.