Fat Brands CEO pans coronavirus stimulus as ‘too little, too late’ for restaurants

Fat Brands CEO: Coronavirus stimulus ‘not enough to move the needle’

Fat Brands CEO Andy Wiederhorn breaks down what the new coronavirus relief package lacks.

Congress is expected to pass a $900 billion coronavirus relief package Monday, yet restaurant owners and executives like Fat Brands CEO Andy Wiederhorn aren’t happy with the lack of support for the food industry.

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“This is too little, too late,” Wiederhorn told FOX Business Network's "The Claman Countdown." “They need to be giving these guys three times as much money as they gave them last time.”

The new package includes $45 billion in airline industry aid, tax breaks for PPP recipients, $325 billion for small business relief and a second round of $600 stimulus checks, which Wiederhorn said isn’t “enough to move the needle” either.

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Meanwhile, unemployment in leisure and hospitality is currently 134% above the national average, and thousands of restaurant employees are out of a job.

FILE – In this Monday, Dec. 7, 2020, file photo, a man looks at his phone next to stools taped off to prevent diners from sitting on them in Los Angeles. (AP Photo/ Jae C.Hong, File)

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“Congress needs to take care of the restaurant owners and restaurant operators,” he said. “There’s going to be so many restaurants that go out of business.”

Wiederhorn added that he doesn’t understand why Congress has chosen to ignore the industry when it’s evident restaurants cannot survive when they're forced to restrict service.

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“And there’s no rent relief component of this bill,” he said. “It just doesn’t work. It’s not enough money for small business – particularly for the restaurant industry.”

Fat Brands’ portfolio includes brands like Johnny Rockets, Ponderosa Steakhouse and Fatburger. Wiederhorn said his franchisees have been “working hard” since the pandemic’s onset, but more relief is necessary and they “need it now.”

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