Murphy Unveils Multi-Stage Reopening Plan
For NJ Businesses. At today’s COVID-19 press briefing, Gov. Phil Murphy unveiled a visual roadmap for the path to reopen New Jersey and to get towards a “new normal.” Using a chart to visually depict a broad breakdown of New Jersey’s total workforce, Murphy said that roughly 25% of the state’s workforce has been able to work from home throughout the pandemic, and added that it would continue to do so “for the foreseeable future.” Roughly 35% of the state’s workforce has low to moderate contact with co-workers and customers, and in order to reopen would need to adopt safeguard practices, such as wearing masks, disinfecting surfaces, and frequent hand washing while at work. This includes construction workers, landscapers and factory workers, for example. Finally, roughly 40% of the state’s workforce has frequent contact with co-workers and customers, such as bartenders and most restaurant workers, for example. These businesses would need to also adopt safeguarding practices, but also restrict capacity and reduce density, as well as re-train displaced workforces.
Old-School Steakhouse Peter Luger is Delivering
For first time in nearly 133 years. The historic Williamsburg steakhouse, which up until the pandemic didn’t accept credit card despite entrees over $100, is offering its porterhouse for delivery in light of the pandemic. Famously old-school South Williamsburg institution Peter Luger Steak House — a more than 130-year-old restaurant known as much for its no-nonsense service as it is for its dry-aged steak — is getting into the delivery game for the first time. The restaurant briefly offered pickup at the start of the dining room shutdown in March and is now back with takeout and delivery, both by phone (718-387-7400) and though Caviar. It will be available in Brooklyn, Queens, and in a few days, Manhattan as well, according to manager David Berson, who is grandson of Sol and Marsha Forman, who took over the restaurant in 1950.
Next Wave of Stimulus Payments
Hinges on reopening economy. Americans have gotten $239 billion—and counting—from the IRS to help them ride out the coronavirus pandemic. Whether households get another round of $1,200 stimulus payments is tied to the increasingly partisan debate over how quickly the economy should reopen. Many House Democrats, seeing a slow return to normal and a protracted economic downturn, contend it is crucial to get money out again. They see fresh cash injections as a bridge to help families weather an uncertain economic future amid more waves of infections and deaths. Many Republicans, however, predict a rapid economic recovery as lockdowns end, and they say government aid to households should now shift to focus more on incentives to work. They say the stimulus payments provided so far have helped tide Americans over as the economy recovers.
Firms Weigh Returning Financial Aid
A big decision. With one of its plants shut down because of the pandemic, Escalade, a sporting goods manufacturer in Evansville, Ind., was among the businesses that secured a federal stimulus loan in April. o did RealNetworks, a software developer in Seattle, Wash., whose business selling software used by casinos and airports was now struggling. Both companies determined they needed the money to pay employees and steady their operations. But after the federal government scolded publicly traded companies for taking loans, the two firms took different paths in deciding whether to keep the funds. Escalade returned the funds, hoping to avoid running afoul of new federal guidelines for the loans and betting states would loosen stay-at-home restrictions enough to restart operations. RealNetworks kept its loan and says it will use it to bring workers back this week.
N.J. Gym Owners Issued More Tickets
Customer arrested in 2nd day of coronavirus lockdown defiance. A New Jersey gym reopened again Tuesday in defiance of the state’s orders against workout facilities reopening during the coronavirus outbreak and again police arrived to issue tickets to the owners. At least one patron was also arrested leaving the gym after refusing to give his name. Police also warned supporters gathered outside to leave or they could also face summonses. The gym owners have said they rearranged the gym equipment to provide more social distancing and the staff would be stepping up cleaning efforts. On Monday, staffers took temperatures of members entering to workout and Smith said they will limit capacity to 20% or about 44 people at a time. Members and staff are also required to wear face coverings.
Did You Know?
“Restaurant Rap” series doing double duty this week. Due to the exceptionally positive response received thus far, Bielat Santore & Company’s “Thursday Restaurant Rap” series is adding a second interview today. This “Tuesday Edition” features career insurance specialist Tim Wagner and top-rated salesman Lou Valenti (LCV 24/7/365), both with Global Indemnity Insurance Agency in Metuchen, New Jersey. This series has appeared each Thursday within the company’s Restaurant Industry Alert daily bulletins. It presents recorded virtual video interviews with local restaurateurs and other industry professionals, many of whom are the firm’s clients, customers and associates.
All previously recorded interviews can also be found at our website www.njrestaurantsforsale.com/news/ and on at https://vimeo.com/bielatsantore.
Employee Tip
For many workers, unemployment pays better than their former jobs. For millions of employees who have lost their jobs during the coronavirus pandemic, unemployment may end up paying better than employment. New research shows that, for many low-wage workers, enhanced jobless benefits paid out through federal stimulus measures will exceed their previous paychecks. About 68% of unemployed workers who can collect unemployment will get benefits that top what they previously earned at work, University of Chicago economists Peter Ganong, Pascal Noel and Joseph Vavra wrote in a recent paper.
Bielat Santore & Company – Restaurant Industry Daily Alerts
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Thank you and remember all of the “Restaurant Industry Alerts” and “Thursday Restaurant Rap” interviews can be found at www.njrestaurantsforsale.com/news/. We intend to continue to keep you informed as we all look for an end to this crisis.
How to market your restaurant for sale during the coronavirus pandemic. Of course, it will be challenging to market and sell businesses that have temporarily been shuttered during the pandemic, because valuations are based on historical financial data. However, whether you choose to reopen your business or not, owners can still position them for sale. So, what should you do if you want to sell in the next 6 – 12 months? Contact a good business broker that specializes in the sale of hospitality real estate and businesses. Bielat Santore & Company, Allenhurst, NJ has been brokering such sales for over 40 years and will be able to help you come up with flexible deal structures and capital sources to make a sale possible; call for a free consultation – 732.531.4200.
