The food industry has taken a major hit during the coronavirus pandemic, with 50% of U.S. restaurants at risk of going completely out of business, “Bar Rescue” host Jon Taffer told Fox Business Network's “Cavuto: Coast to Coast.”
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To support those who are struggling, Taffer proposed the implementation of reopening packages tailored specifically to bars and restaurants rather than general economic stimulus, vowing the extra help would be worth it.
“I really think that when we take a look at the economic packages that are being put together now, certainly restaurant relief is worthwhile,” he said. “Because the industry, I believe, will come back strongly after this.”
Making sure businesses have resources available to restart is “critical,” Taffer said, since the industry – the largest employer in America – is not included in the pending stimulus package.
“Can we think of an industry less important to invest in, less important to protect?” he asked. “It makes no sense.”
Taffer said restaurants have been investing in meeting constantly changing coronavirus guidelines, putting many at permanent risk. But Taffer said he believes pent-up demand will cause a surge in the industry once a coronavirus vaccine becomes available.
“That pent up demand creates a surge in the marketplace months from now,” he said. “But seating capacity is down 50%. Think of how the industry comes out of this with greater potential demand and a capacity of 50%. Isn't that sort of boomtown? So isn't there reason to believe in the restaurant industry and invest in it and support it to get us to that point?”