In the past few years the Federal government, various state and local agencies started handing out ungodly sums of stimulus money to businesses (and of course, you and me) due to the shutdowns imposed on the world.
The goal of the government (never thought I’d use the words ‘goal’ and ‘government’ in the same sentence unless ‘obscene taxation’ was also included) was to ‘rescue’ businesses.
[Image Credit: Adam Moss Licensed under CC BY-SA 2.0.]
Apparently that wasn’t enough for 2 famed Bay Area restaurants.
The San Francisco Chronicle has reported that two adjacent eateries on Fisherman’s Wharf, Pompei’s Grotto and Lou’s Fish Shack, will permanently close their doors after being shut since March 2020. These establishments have decided to end their lease contracts with the Port of San Francisco ahead of schedule.
Established in 1946 and 1988 respectively, Pompei’s Grotto and Lou’s Fish Shack ceased rent payments in March 2020 as they grappled with the economic fallout from the COVID-19 pandemic, as reported by the Chronicle. They now jointly owe the Port in excess of $1 million in overdue rent and accrued interest.
As part of the lease termination arrangements, Pompei’s Grotto is obliged to pay a charge of $150,000 and Lou’s is to pay $200,000. However, they won’t be held accountable for the unsettled rent balance and any late payment penalties.
Pompei’s Grotto and Lou’s Fish Shack Could Not Recover, and We’re Reminded Once Again That the Economic Fallout Will Last for Decades
I do not know how much stimulus money Pompei’s and Lou’s received. Maybe they got a lot. Maybe they were not well run in addition to getting face-planted by the ‘powers-that-be’.
Handouts and stimulus don’t always solve the worlds’ problems (in fact, they often do not).
Know that I supported Federal assistance for the most part. If it weren’t for that, we would have suffered complete catastrophe.
Also know that we’ll be ‘paying the debt’ in more ways than one for a very long time.
