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[quote=Anonymous]I am a major investor ina few restaurants. Fortunately for me I have another business that is actually flourishing right now.

I had a teleconference with my partners on Sunday night. We shut both restaurants down effective Monday. Complete stop.

Employees were immediately eligible for unemployment at 60%. We are paying only the following expenses: insurance, utilities (which will be much lower), license renewals so when everything comes back we can immediately start.  We notified landlord that we will not pay April (what are they going to do, not like another restaurant or anyone is looking at leasing space right now) and will reconvene with them April 15 and assess from there. I figure we can easily work out a payment plan with them. We’ve been there 6 years and while catastrophic this is a blip. We can limit monthly expenses without rent to $3K.

Partners without other income called mortgage companies and asked for deferment for April payments. I am sure it will be approved. Partners are only paying food, insurance and other necessities. They are paying for cell phone internet and cable/ Netflix since they are trapped at home. They will sort out the rest later. They will actually be increasing cash on hand albeit they will be not paying their utilities etc and will need to do so later

Presuming this is relatively short lived it won’t be catastrophic by any means.

Partners who only have income from restaurant[/quote]

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