Family-owned restaurants fear they could be pitted against larger competitors, hotel chains and potentially investment funds in a race starting today for a $349 billion pot of money the U.S. government will offer businesses hard-hit by coronavirus, Reuters reported. Enacted into law last week as part of a $2.3 trillion economic stimulus triggered by the outbreak, the program aims to keep small businesses on life support for at least the next two months. The term “small business,” however, took on a new meaning when a 56-word provision was inserted into the 148,124-word bill that raced through Congress. For certain small business loan purposes, the term typically refers to companies that employ fewer than 500 workers. But Congress and the Trump administration agreed to include large hotel and restaurant chains, as long as they employed fewer than 500 workers in a given location. Now, private-equity firms, venture capital funds and other large investors are also angling for a piece of the action. Some smaller restaurants worry they could be shouldered aside by well-connected corporate operations.
