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Pandemic loans burden restaurants that never recovered

By ChordNews · First written

For restaurants Covid-19 was a crisis – pandemic loans are proving a disaster
Image: theguardian.com
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Summary

Low-interest federal loans kept many eateries afloat during the Covid-19 pandemic, but the restaurant industry did not recover enough for some to repay the debt. The Guardian reports that Jai Mazumdar, owner of Miami’s Spice N Curry, took out a $370,000 disaster loan in early 2021, but his business did not recover as he had expected.

Timeline

  1. The Guardian

    Source ↗

    The Guardian reports that low-interest pandemic loans kept many eateries afloat, but an incomplete recovery has left restaurants struggling to repay the debt; it profiles Miami restaurant owner Jai Mazumdar, whose business did not recover after he took out a $370,000 federal disaster loan.

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