U.S. restaurants on track to lose $240 billion by end of 2020: survey

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FILE PHOTO: An empty Chipotle restaurant is seen in the financial district in lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020. REUTERS/Mike Segar

(Reuters) – U.S. restaurants are on track to lose $50 billion in April, with losses mounting to an estimated $240 billion by the end of 2020, as the coronvirus crisis ravages the industry, according to a National Restaurant Association survey released on Monday.

Two thirds of U.S. restaurant workers – or 8 million people – have been laid off or furloughed as 4 in 10 restaurants are closed, but at least 60% of operators say existing federal relief programs will not help them prevent more layoffs, the survey found.

Reporting by Hilary Russ; Editing by Chizu Nomiyama

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