NEW YORK (1010 WINS) – Nearly 50% of New York City bars and restaurants say they don't believe they'll survive the COVID-19 pandemic and related health restrictions without continued support from government, according to a new survey released Wednesday.
The NYC Hospitality Alliance surveyed 401 bars and restaurants across the five boroughs about their sales in 2020 and early 2021, and the results were "jarring," the nonprofit said.
A total of 46% of businesses said they probably wouldn't survive post-pandemic without financial aid and policies from government, including rent support and eviction moratoriums.
Another 39% of businesses said they weren't sure if they'd survive without support, while just 15% said they believed they'd make it.
According to the survey, 49% of restaurants said financial aid from government to cover rent was the most critical form of support during the pandemic, while 41% said financial aid to cover payroll was.
The survey also found that 75% of city restaurants reported year-end revenue declines of more than half in 2020 compared to 2019.
According to the survey, 44% of the businesses reported year-end revenue declines of 76% to 100%; 31% reported declines of 51% to 75%; and 21% reported declines of 26% to 50%.
Last year's financial strain continued into 2021, with 50% of restaurants and bars reporting average weekly revenue declines of 90% to 100% in January 2021 compared to January 2020, according to the survey.
"The survival of our restaurants and bars is essential to the economic recovery of New York City, so the continued number and nature of these struggling small businesses is alarming," said Andrew Rigie, executive director of the NYC Hospitality Alliance, in a press release.
"The federal financial relief for the restaurant industry championed by Senate Majority Leader Schumer and signed by President Biden was a crucial lifeline for thousands of our restaurants, but without a continuous and concerted effort at all levels of government to revive the industry, the chances of recovery for these businesses and the city will only diminish," Rigie said.
The businesses were surveyed between Feb. 23 and March 12, 2021.
