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April 23, 2022

The Government's Here to Help

"Owners were furious,” wrote one former McDonald’s executive familiar with the negotiations in an email. “They couldn’t believe the world’s largest restaurant company couldn’t give them some support … when you read about all the other smaller restaurant chains doing it every week.”

The company ultimately deferred — but did not forgive — the collection of $490 million in rental income, plus nearly half a billion dollars in royalty payments. The company’s business filings later revealed it recouped more than 80 percent of deferrals by the end of 2020 and was on track to collect the rest in 2021. Despite pandemic-related instability, McDonald’s collected $6.8 billion in rent payments in 2020."

McDonald's Owner/Operators paid millions$ in PPP to corporate?

2 comments:

Richard Adams said...

Thanks to anonymous for sending in this link.
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Anonymous said...

Like Paul Harvey used to say... and now you know the rest of the story! It would of been outrageous for corporate leaders to help their franchisees when the opportunity to profit off them even MORE during a pandamic loomed overhead.

Hows that mantra go... never let a good crisis go to waste.