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Restaurants Taking on Debt to Outrun COVID Effects

March 17th, 2022 by WCBC Radio

Marshall Weston, president and CEO of the Restaurant Association of Maryland, said this week that the number of restaurants affected by the pandemic was not as high as previously predicted. In 2020, the association predicted that 40% of restaurants would close because of the pandemic. In 2021, they changed that number to 20% of restaurants. And, this week, he said it could be between 15-18%. WBAL reports that after two years, going into the third year of the pandemic, Weston said many restaurants have taken on more debt “hoping for better days,” but it appears those better days are a little ways away for some. He pointed to the failure of the federal government’s restaurant revitalization fund as a major concern. He said much of those funds never came for restaurants…