Image Source: Eater
Every week we track the business, tech and investment trends in CPG, retail, restaurants, agriculture, cooking and health, so you don’t have to. Here are some of this week’s top headlines.
On Wednesday, May 20, a new bill – dubbed the RESTAURANTS Act – will aim to infuse $120 billion in grants to small- and medium-sized restaurants that have struggled to access and make use of the Paycheck Protection Program loans. The funds would not be accessible to publicly traded companies or chains with more than 20 locations doing business under the same name.
In a survey of 240 small farmers, Dan Barber and his team at Blue Hill found that roughly 40% of them predict that they won’t be able to keep up with increasing volume. As a result, they will lose the extra, essential revenue that always comes with a bountiful seasonal harvest and end in bankruptcy.
The COVID-19 pandemic has put more than 10 million independent restaurant workers at risk of losing their jobs for good. Across sectors, businesses are being forced to pivot their business models as consumers go on lockdown and change their buying habits. This round-up features many of the ways the pandemic is impacting all parts of the food industry.
In an effort to do our part and support the community we love so dearly, we have compiled a list of resources and organizations that are providing support to those in need. We are also offering free job postings to anyone who is looking to employ people impacted by the COVID-19 pandemic.
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Check out our weekly round-up of last week’s top food startup, tech and innovation news below or peruse the full newsletter here.
Unlike the PPP, this bill is tailored to small restaurants, and would infuse them with the cash needed to stay open through the rest of the year at mandated limited capacity, with very few strings attached.
Forty percent of small farmers predict that they won’t be able to keep up with the increasing volume. Where do they expect this to end? Bankruptcy, from which many will not recover.
Sanjeev Krishnan, chief investment officer and managing director at S2G Ventures, shares highlights from the fund’s new report: The Future of Food in the Age of COVID. The report explores the implications of the COVID-19 pandemic to the food and agriculture industry and identifies the areas of innovation critical to building a healthier and more sustainable food system.
Starting on May 21, René Redzepi’s award-winning Copenhagen restaurant will reopen to the public as an outdoor wine-and-burger spot — no reservations required.
The relief package allocates $3b for food boxes as well as $16b in direct payments to farmers impacted by Covid-19. The payments will go to farmers who have suffered price declines of 5% or greater or who have incurred losses due to supply chain disruptions.
In partnership with Ranveer Chandra, Chief Scientist for Microsoft Azure Global, we’ve conceptualized the extent to which Covid-19 related illnesses pose a risk to agriculture and food production. Today, we finally have a beta version of our dashboard ready for viewing.
With CDC guidelines coming in at a slight four pages, independent restaurant industry groups are stepping in with their own guidance.
The legislation expands liability coverage for meat processing facilities that were mandated to reopen after Trump’s executive order in April.
Amazon’s process for notifying workers makes the true number difficult to determine. The e-commerce giant has repeatedly declined to say how many warehouse employees have been diagnosed with or died from the virus.
The loans came from International Finance Corporation and the Japan International Cooperation Agency. Olam will deploy the capital to boost the smallholder-dominated commodity crop sector across Asia and Africa.
The round was led by Insight Partners. With its new funds, Imperfect will continue to bring its grocery delivery to more areas across the country and add on to its fulfillment centers.
Uber’s offer of 1.9 shares per Grubhub share was deemed insufficient.
Albertsons has sold 17.5% of its stock to private equity firm Apollo Global Management for $1.75b, bringing the grocer a cash infusion as it prepares to go public.
Customer names, email addresses and phone numbers were taken in the breach, along with scrambled passwords. The hackers also took the last four digits of its customers’ credit card numbers and mailing addresses.
The startup has acquired a competitor based in Italy called Checkout Technologies for an undisclosed sum, bringing its talent, tech and partnerships to Standard Cognition.
Investors included Alphabet’s GV, Redmile Group, Menlo Ventures and Khosla Ventures. Funding will be used to commercialize its product and reappropriate its technology for the clinical market – particularly for Covid-19 diagnostic tests.
The bill also calls for a temporary 15% increase in SNAP benefits and allots more than $4b for other nutrition programs. It would waive work requirements for SNAP recipients and block the USDA from narrowing eligibility for food stamps.