As restaurants look to take advantage of the trillions of dollars in stimulus, including $28.6 billion in funding designated to restaurant relief that was passed earlier this month, many businesses just received a much-needed two-month extension to apply for their Paycheck Protection Program (PPP) loans, reports CNBC.
The PPP Extension Act, which passed 92-7 in the Senate on Thursday (March 25) and passed 415-3 in the House of Representatives on March 16, extends the deadline for businesses to apply until May 31 and extends the Small Business Administration’s timeframe for processing applications by one month. The extension comes as billions of dollars allocated to small business relief remain without destinations despite widespread necessity, reports CNN.
“This extension is desperately needed,” Senator Ben Cardin, chair of the Small Business & Entrepreneurship Committee, said on Tuesday (March 23), reports USA Today. “This requires time to get these applications not only filed, but processed. As a result, if we do not extend the program, there are going to be a lot of small businesses that are going to be left out.”
Nation’s Largest Franchisee Doubles In Size
Flynn Restaurant Group, the United States’ largest franchisee that operates over 1,000 restaurant units, just doubled its count to 2,355 locations with its most recent acquisition, reports Restaurant Business. The group announced on Wednesday (March 24) that it is acquiring 937 Pizza Hut and 194 Wendy’s locations from restaurant franchisee NPC International following NPC’s bankruptcy. This marks the country’s largest franchisee-to-franchisee sale to date, and will bring Flynn Restaurant Group’s annual sales total to a shocking $3.5 billion.
“We are excited to announce the addition of Pizza Hut and Wendy’s to our portfolio,” Flynn Restaurant Group Founder, Chairman and CEO Greg Flynn said in a statement printed in the News Star. “They bring with them a wonderful team of dedicated operators and support personnel, who we welcome wholeheartedly into the Flynn family. Further, both Pizza Hut and Wendy’s are deeply established as leading concepts in their sectors, and our entry into their systems furthers our goal to operate at scale in top-tier brands.”
The acquisition comes amid a wave of strong sales for fast-casual table service chains, a trend observed by Flynn himself in a recent interview with Bloomberg. As vaccines roll out across the country and stimulus checks hit consumers’ bank accounts, newly immune diners with the funds at their disposal seek out in-restaurant experiences.
7-Eleven Introduces First Drive-Thru Restaurant
Convenience store giant 7-Eleven is entering the drive-thru restaurant game with its Laredo Taco Company drive-thru, which opened on Tuesday (March 23) in Dallas, Texas, reports CNN. In addition to tacos, the drive-thru also serves a range of beverages, including Slurpees, coffee drinks and alcoholic options including margaritas, beer and wine. The restaurant also includes an indoor dining area, according to the news release announcing the opening.
“7-Eleven is known as a beverage destination, and Laredo Taco Company makes some of the best quick-serve Mexican food anywhere,” 7-Eleven COO Chris Tanco said in a statement. “Throw in the convenience of grabbing a taco paired with a Slurpee drink through a drive-thru, and it’s a match made in heaven.”
The drive-thru is open from 5:00 am to 10:00 pm five days a week, Sunday-Thursday, and stays open for an additional half-hour on Fridays and Saturdays. In addition to the restaurant’s standard menu, “breakfast tacos and breakfast bowls” are served until 10:30 am, and there is also a “Los Niños” children’s menu.
“While opening the first Laredo Taco Company drive-thru restaurant with a 7-Eleven store would be exciting anytime, we think customers looking for socially distanced ways to grab breakfast, lunch and dinner will really appreciate it now,” Tanco added. “Soon I hope, ordering tacos and beverages for in-person get-togethers with family and friends will be the norm once again.”
Metropolitan Café Chain Bluestone Lane Eyes New Markets
High-end coffee shop and café chain Bluestone Lane, inspired by Australia’s coffee shop culture, is expanding beyond the coastal, urban markets that have been its bread and butter, so to speak, until now. The company announced on Thursday (March 25) that it will add 15 new locations to its existing 51 throughout the year.
While the next few openings on the horizon are fairly typical for the company — spanning its home city, New York, as well as San Francisco and Los Angeles — the chain will enter new markets later in the year. Openings are planned in several East Coast suburbs. Additionally, new locations in Texas will mark the chain’s first U.S. expansion beyond the coasts. (There are, however, a couple of Bluestone Lane locations in Toronto.)
“Bluestone Lane built a loyal following in bustling cities, where our locals could enjoy their daily escape with premium coffee and a healthy meal,” the chain’s Founder and CEO Nicholas Stone said in a statement. “Many locals have moved to the suburbs, but we also know that major cities like New York aren’t going away. So our expansion plan includes both.”
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