Pat LaFrieda Meat Purveyors CEO Pat LaFrieda agrees that regulation to shut down restaurants and bars has "really hurt" the industry. However, he is optimistic that adhering to the CDC's 15-day guidelines to flatten the curve could help restaurants bounce back faster.
“I do think if we follow the guidelines and we do take that hit right now, we may be able to recover from this a little bit quicker than was expected,” he told FOX Business’ Maria Bartiromo on Friday.
Even though LaFrieda believes restaurants may be able to foster resiliency, it’s going to take a lot to come back from the damage done.
“The restaurant industry has been pulverized,” he said. “It's been shocked to its core.”
LaFrieda said the industry never expected for restaurants and small businesses to close. What more, he added, businesses whose savings and investments disappeared overnight have “no way to recuperate.”
Besides federal assistance to economically stimulate business, LaFrieda said help needs to be given to employees who are unable to work due to responsibilities at home or to those that have been laid off.
“The help that we really need is for our employees,” he said. “When we ask them to come back, we need them to be whole… And then on top of that, the restaurants closing completely – we understand it but fiscally we don’t understand how a comeback is possible.”