More than $1,334,011,000 in unfunded New Jersey Restaurant Revitalization Fund applications leave local small business owners in limbo
Contact: Dana Lancellotti
President & CEO
For Immediate Release
Trenton, New Jersey, August 24, 2021- Today the New Jersey Restaurant & Hospitality Association, the National Restaurant Association and 50 other state restaurant association partners sent a letter to Congressional leadership sharing new national consumer confidence survey finding and urging swift replenishment of the Restaurant Revitalization Fund (RRF). New Jersey has more than 4700 pending applications that total more than $1,334,011,000 in stabilization funding that would be addressed by the $60 billion proposed replenishment bills.
The letter urges Congress to complete the mission of the RRF and provide adequate funds to replenish the program and offer relief for the applications still pending.
“There are thousands of New Jersey small business owners stuck in limbo waiting to find out if Congress will act to provide the stability they need to make it through this new pandemic threat and into the future,” said Dana Lancellotti, President, New Jersey Restaurant Association. “The rise of coronavirus variants like delta threaten to push these restaurants closer to permanently closing their doors. It’s time for Congress to step in and fulfill the promise of the RRF.”
The National Restaurant Association survey found that nationally a majority of consumers have already changed their dining behavior, which is beginning to put acute pressure back on the restaurant industry. This faltering consumer confidence comes on top of restaurant labor costs at a 10-year high, increased food and supply prices, continued indoor capacity limits in 11 states, and crushing long-term debt loads for countless restaurant owners.
Specifically, the survey found:
“For an industry that requires a ‘full house’ every evening to make a profit, this is a dangerous trend,” said Sean Kennedy, executive vice president of Public Affairs for the National Restaurant Association. “These changes indicate declining consumer confidence that will make it more difficult for most restaurant owners to maintain their delicate financial stability.”
Read the full letter here.