WASHINGTON: Family-owned restaurants fear they could be pitted against larger competitors, hotel chains and potentially investment funds in a race starting on Friday for a US$349 billion pot of money the U.S. government will offer businesses hard-hit by coronavirus.
Now, private-equity firms, venture capital funds and other large investors are also angling for a piece of the action. "At the end of the day it's going to be very hard to figure out how to help the smallest, most vulnerable businesses. We're in a tsunami here and some people will get washed away," Bernstein said.
Restaurant and hotel owners and their workers, reeling from shutdowns, were high on policymakers' list of concerns as they crafted the bill. "It shouldn’t matter if these companies are backed by investments from corporations, pension funds, or others," said Drew Mahoney of the American Investment Council, which represents the industry.