Big restaurant chains are recovering faster, analysts say

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Big restaurant chains have largely recovered from the coronavirus pandemic, but the rest of the industry is taking longer to bounce back, according to a Bank of America study.

Analysts Gregory Francfort and JonMichael Shekian used aggregated transaction data from Bank of America credit and debit cardholders to analyze consumers’ restaurant spending habits. On July 1, the trailing seven-day average spend at large chain restaurants was down 4% compared with the year-ago period. At small restaurant chains and independents, spending fell 25%.

Small chains and independent eateries tend to be casual dining and fast-casual establishments, while large chain restaurants range

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Restaurant chains that received millions in PPP loans during coronavirus crisis

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A statue of a horse stands at the entrance to a P.F. Chang’s restaurant in Schaumburg, Illinois.

Scott Olson | Getty Images

Large restaurant chains once again received millions in loans from the Paycheck Protection Program, according to data released Monday by the Small Business Administration. 

Businesses in the accommodation and food services sector received more than $42 billion in funding from the program, accounting for 8.07% of the round’s total loans. Roughly $130 billion of the program’s $660 billion remains up for grabs.

The federal program was intended to help struggling businesses that had fewer than 500 workers, but

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This chart shows link between restaurant spending and new virus cases

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Higher restaurant spending appears to be linked to a faster spread of the coronavirus, according to a JPMorgan study.

Analyst Jesse Edgerton analyzed data from 30 million Chase credit and debit cardholders and from Johns Hopkins University’s case tracker. He found that increased restaurant spending in a state predicted a rise in new infections there three weeks later.

He also said restaurant spending was the strongest predictor across all categories of card spending.

The United States set a record for the single highest day of new infections on Wednesday. States in the South and West, including California, Texas and Florida,

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Consumers are eating more restaurant meals, but many are more cautious about going out to eat

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Johnny D’agostina digs into a pizza outside Quattro restaurant on Hanover Street in the North End neighborhood of Boston, MA on June 11, 2020.

Craig F. Walker | The Boston Globe via Getty Images

As states reopen, consumers are going out for meals more often, but about a quarter are still not using restaurants at all and some have a higher level of discomfort about in-restaurant dining than in April, a new survey found.

A Bank of America survey of 1,000 people on June 18 found that about 32% do not think they will be comfortable dining in a restaurant

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