Today, Andy joined Mornings with Maria to weigh in on the most recent Payment Protection Program changes, the challenges facing the restaurant industry amid the global pandemic and California’s proposed big business tax.
First, Maria asked Andy for his thoughts on the House passing a bill to ease restrictions on PPP loans. “The changes are great – they’re just what was needed…With the economy shut down, with nobody going to work, with customers not showing up at the restaurants, it was very difficult for businesses to meet those deadlines… It’s very positive for the restaurant industry in particular,” said Andy.
Next, the two discussed the restaurant industry during COVID-19. “My friends in the [quick service] industry are telling me that their sales are positive over last year…not only because of third-party delivery which is up but the drive-thrus,” said Andy. He then went on to add that on the other hand, fine dining and sit-down restaurants have been hit harder and will continue to struggle with the social distancing guidelines.
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In closing, Maria asked about California’s proposed big business levy to raise money for coronavirus relief legislation. “They tried this in Seattle- Starbucks and Amazon objected and threatened to move. It didn’t work, it’s a terrible idea, but it’s a typical California idea- let’s kill businesses and then expect them to pay more in taxes… it doesn’t make any sense,” Andy concluded.
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