News that federal agencies were opening a second round of lending under the Paycheck Protection Program drew in the biggest share of SmartBrief’s food and beverage readers this week. Restaurants and other small businesses were able to apply for part of the $284 billion set aside for the second round of the loan program created to help companies stay afloat during the pandemic.
In addition to the new funding, rules for the loans have also been tweaked. Borrowers are now allowed to spend the funds on a longer list of expenses and they can designate the eight to 24-week period in which the funds will be used. Additionally, some businesses that received loans in the first round are eligible to apply again.
A deal by Flynn Restaurant Group to pay $552.6 million to buy 925 Pizza Hut units and 196 Wendy’s restaurants from NPC International as part of a bankruptcy court hearing also proved popular, as did the launch of a meal kit delivery service by restaurant chain Just Salad.
In grocery retail news, an update on discount grocer Save A Lot’s turnaround efforts from CEO Kenneth McGrath drew in readers. McGrath, formerly president and CEO of Lidl US, took the helm in late 2016 and has overseen efforts including increasing investments in tech and marketing and expanding the retailer’s product assortments.
CPG companies also made news this week, including Ben & Jerry’s which launched its first two frozen dessert flavors made for dogs. Doggie Desserts, which will debut in both grocery and pet stores this month, are made from sunflower butter instead of dairy products.
Post Consumer Brands rolled out new snacks this week as well, strictly for people and based on the brand’s popular Honecomb, Fruity Pebbles and Cocoa Pebbles cereals.
Read the entire Top 10:
- PPP lending reopens for restaurants today
- The rise of birria tacos
- Save A Lot CEO talks strategy that helped save retailer
- Post unveils snack line inspired by 2 cereal brands
- Ore. school installs dividers in cafeteria
- Ben & Jerry’s debuts desserts just for dogs
- Flynn to pay NPC $552.6M for Wendy’s, Pizza Hut units
- What wines at the White House say about a president
- Just Salad debuts meal kit delivery service
- Pepsi to swap Super Bowl spots for 6-week campaign
- Increased demand for off-premises ushers in new era of restaurant design
- Is touchless checkout the next frontier for food retailers?
- Restaurants, food brands find a partner in Veganuary
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