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Source: https://nypost.com/2020/09/21/almost-90-percent-of-nyc-bars-and-restaurants-couldnt-pay-august-rent/
Almost 90 percent of NYC bars and restaurants couldn’t pay August rent
By Bernadette Hogan
September 21, 2020 | 1:22pm | Updated
Nearly 90 percent of New York City bar and restaurant owners couldn’t pay their rent in August, heightening the continued crush the coronavirus shutdown has inflicted on Gotham’s economy.
Eighty-seven percent of bars, restaurants, nightclubs and event spaces in the five boroughs could not pay their full August rent, according to data from 457 businesses surveyed between Aug. 25 and Sept. 11, in a new study released Monday by the nonprofit NYC Hospitality Alliance.
It’s a 7 percentage-point increase from June and a four-point jump from July, darkening the dire picture for eateries desperately seeking relief following six months of partial — and in some cases total — closure due to COVID-19 shutdowns.
Some 34 percent of this group said they could not pay rent at all last month, and only 12.9 percent were able to meet full payments.
“Restaurants, bars and nightlife venues have been financially devastated by the COVID-19 pandemic,” said alliance executive director Andrew Rigie...
Almost 90 percent of NYC bars and restaurants couldn’t pay August rent
By Bernadette Hogan
September 21, 2020 | 1:22pm | Updated
Nearly 90 percent of New York City bar and restaurant owners couldn’t pay their rent in August, heightening the continued crush the coronavirus shutdown has inflicted on Gotham’s economy.
Eighty-seven percent of bars, restaurants, nightclubs and event spaces in the five boroughs could not pay their full August rent, according to data from 457 businesses surveyed between Aug. 25 and Sept. 11, in a new study released Monday by the nonprofit NYC Hospitality Alliance.
It’s a 7 percentage-point increase from June and a four-point jump from July, darkening the dire picture for eateries desperately seeking relief following six months of partial — and in some cases total — closure due to COVID-19 shutdowns.
Some 34 percent of this group said they could not pay rent at all last month, and only 12.9 percent were able to meet full payments.
“Restaurants, bars and nightlife venues have been financially devastated by the COVID-19 pandemic,” said alliance executive director Andrew Rigie...