Newfoundland’s restaurants need more targeted assistance to survive COVID-19: Restaurants Canada
By Canadian PizzaCOVID-19 Updates News Business and Operations Finance Health & Safety
St. John’s, N.L. – Restaurants Canada welcomes the new Small Business Assistance Program and other commitments announced in the government’s budget announcement, while calling for more targeted support for the province’s struggling foodservice sector.
“Not only was Newfoundland’s restaurant industry among the first and hardest hit by the impacts of COVID-19, the sector will also be among the slowest to recover,” said Luc Erjavec, Restaurants Canada vice-president for Atlantic Canada. “The newly announced Small Business Assistance Program is desperately needed and is a great first step. Restaurants Canada looks forward to working with the new Premier and his team to build on the commitments unveiled today, to provide more targeted assistance for the province’s foodservice businesses going forward.”
According to a recent Restaurants Canada survey:
- The majority of Newfoundland’s restaurants are still not profitable: 44% of survey respondents said they are operating at a loss and 25% said they are just breaking even.
- More than half of restaurants still operating at a loss expect to take at least a year to return to profitability:
- 4% said 6 months or less.
- 24% said 7 months to a year.
- 43% said between a year and 18 months.
- 29% said more than 18 months.
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