Oklahoma Restaurant Association and Oklahoma Hotel and Lodging Association

PROJECT PURPOSE

The pandemic has devastated the hospitality industry in Oklahoma. Restaurants and hotels have suffered tremendous loss of revenue and have accumulated massive debt since March of 2020 just to stay afloat. Now, with the variant running rampant, the desire to eat out again, the desire to have leisure travel and business travel has suffered greatly. The purpose of this project would be to create a grant fund, administered through the OK Department of Commerce, to provide grants to restaurants and hotels who are struggling to remain open and provide employment to so many Oklahomans.

EVIDENCE

I will be able to provide data and survey results showing the average loss of revenue, the average accumulated debt, and the loss of employment in the Hospitality Industry due to the Covid pandemic. This data will translate into lost revenue for the state of Oklahoma from tax revenues.

POPULATION DESCRIPTION

This project will benefit a vast number of small businesses in the hospitality sector who have suffered disproportionally from the pandemic. When restaurants were shut down in 2020, and even when they were reopened with limited capacity, the loss of revenue was immediate and immense. Yet their overhead expenses continued....rent, mortgage, utilities, employee salaries (at least for those who were not laid off) continued. For hotels, they are so property driven as business model with tremendous debt through property mortgages, they were not able to meet their debt obligations in many instances. Lenders will grant forbearance for only so long. These industries need this grant help.

PERFORMANCE MEASURING

Restaurants and hotels would prove loss of revenue, accumulated debt since March 2020, and the OK Dept of Commerce would administer the program

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

One-time project will not need continued funding