Restaurants in North Texas are in jeopardy of failing in the next 45 days. That’s according to Ray Washburne, the Dallas businessman who owns Highland Park Village and has invested in 65 restaurants, including Mi Cocina, Katy Trail Ice House, The Rustic, Hudson House, Up on Knox and CRÚ Food and Wine Bar.
At least 25% of restaurants in Texas will fail during this pandemic, and the most vulnerable businesses are independently owned, says Emily Williams Knight, president and CEO of the Texas Restaurant Association. That figure increases if the government doesn’t offer more money to restaurateurs in the next three weeks, she says.
A group called the Independent Restaurant Coalition is actively trying to persuade Congress to pump $120 billion into independent restaurants. The bill, called the Restaurants Act, has been introduced in the Senate and the House. It’s too early to tell if the bill will be considered for the next COVID-19 relief package, but a spokesman says it has “growing bipartisan support.”