Top Chef Tom Colicchio Says America’s Restaurant Industry Needs An Additional $440 Billion Bailout To Survive

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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 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 millions of workers. A key section titled the Paycheck Protection Program has set aside more than $300 billion in aid to small businesses.

and wants to keep the pressure on Congress to do more for America’s hospitality industry. Five hundred local restaurateurs and food entrepreneurs across the country, as well as nonprofits like Food Policy Action and the James Beard Foundation, formed the coalition this month to save local restaurants affected by COVID-19.

“If I hire everyone back now and then we’re not back in two-and-half months then I’m out—I’m out of money,” says Colicchio. “I'd like to know whether I have 5 or 6 months to rehire my original staff.” He says it’s critical that restaurateurs like him have the funds to welcome back original staff in order to avoid lengthy training periods, which will cause further delays in getting back to business.

“We typically don’t have a voice at the table,” Colicchio says about a restaurant bailout, “but there are many of us and we employ so many.” Renowned Chef and ‘Top Chef’ Head Judge Tom Colicchio celebrating a partnership with The Jersey Tomato Co., at his restaurant Little River in NYC on February 25th, 2020, just weeks before having to shut down.According to the Independent Restaurant Coalition, the sector directly employs more than 11 million nationally, not counting the hundreds of millions who work along the food supply chain and food delivery services.

 

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