DECEMBER 14, 2020 VOL. 56, No. 50
TR US TE D J O U R NALI S M AT YO U R FI N G E RTI P S westfaironline.com
FORK OVER OR DIE Brittany Brandwein, executive director of the White Plains Business Improvement District. Photo by Peter Katz.
Optimism with an asterisk
RESTAURANTS SEEK FEDERAL FUNDS TO STAY ALIVE; BIDS OFFER SUPPORT AS INDUSTRY IN ‘FREE FALL’ BY PETER KATZ pkatz@westfairinc.com
W
ith a sharp increase in the number of Covid cases, hospitalizations and deaths nationwide and Congressional action on a new economic stimulus package stalled, the National Restaurant Association described the industry being in “free fall” with 10,000 establishments closing in three months. It called on Congress to promptly pass the $908 billion compromise economic stimulus package that appeared to have solid bipartisan support. Locally, there’s been growing support in Westchester and Fairfield for restaurateurs, including
promotional efforts to help keep them afloat. One effort to help keep restaurants alive is being organized by the White Plains Business Improvement District (BID). The first Downtown White Plains Restaurant Month promotion is scheduled to take place from Jan. 2-31. The BID is providing a web page, flyers and other promotional efforts to induce people to take advantage of special fixed price lunch and dinner specials. “The White Plains BID is doing all we can to help our restaurants during this ongoing pandemic, particularly as they head into the most challenging time of the year,” Brittany Brandwein, executive director of the BID told the
Business Journal. “Another round of federal relief needs to be passed as soon as possible. Every day counts and any support is undoubtedly necessary for thousands of restaurants throughout the country.” Restaurant month in White Plains follows another BID promotion, the Covid-19 Assistance Program, known as BIDCAP. Designed to help support the survival of small businesses in the city’s downtown, the program encourages shoppers to buy gift cards from local merchants, including restaurants. BIDCAP lets consumers to buy the gift cards valued at up to $200 at half price at participating business» FORK OVER
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Panelists upbeat about CT rebound barring any debilitating aftereffects
BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com
H
aving dealt with the Covid-19 pandemic better than most states — at least so far — Connecticut is poised to rebound and become stronger than ever if certain conditions are met. That was the main theme of the Construction Institute’s annual Fairfield County Economic Forum, held virtually this year on Dec. 3. Panelists from the banking, brokering, development and construction fields agreed that the Covidcaused migration from New York to Fairfield County has been a net positive — though they warned that significant challenges remain.
Thanks to that migration, “There are segments of the real estate industry that are doing very well,” said People’s United Bank Executive Vice President Marjan Murray, “including industrial and self-storage. Multifamily has been stable, and single-family has been on fire.” Murray also credited the federal government’s Paycheck Protection Program (PPP) with helping to stabilize the nation’s economy. “It was very effective — they basically put a floor under the economy,” she said. The Bridgeport-based bank processed 18,500 PPP loans totaling $2.6 billion, Murray said. Another, muchhoped-for coronavirus relief
bill — a $908 billion package was reportedly in the works on Dec. 7 — from the federal government would greatly help small businesses that are still hurting, she said. That point was echoed by Randy Salvatore, founder and CEO of RMS Cos. in Stamford. Although his company operates five boutique hotels, such businesses in general are in serious peril, as are the companies that service them. “We don’t need high occupancy (at RMS’ hotels to survive),” Salvatore said. “But it’s very different for the restaurants that service those types of places. A lot of people don’t want to eat indoors, and you have capacity concerns.” » OPTIMISM
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