QSR Web, "Toast donating $35M to restaurant recovery" (December 17, 2020)

Summary

This QSR article dated December 17, 2020 reports that Toast POS, a restaurant management platform, was donating $35 million worth of free services and funding as part of a winter restaurant relief plan. It quotes CEO Chris Comparato saying Toast hoped its lobbying to pass the RESTAURANTS Act would succeed, and that the Act, proposing a $120 billion grant program, had been stalled since its introduction. The Toast Restaurant Recovery Fund includes a one month software credit for current customers, a Pass It On Campaign, complimentary access to Online Ordering, Toast Payroll and Toast Marketing, and Toast Capital funding for winterization and working capital.

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Toast donating $35M to restaurant recovery

December 17, 2020

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Toast POS , a restaurant management platform, is donating $35 million worth of free services and funding as part of a winter restaurant relief plan to support the foodservice industry.

"Toast remains hopeful that our lobbying efforts to pass the RESTAURANTS Act will result in a positive outcome for the industry," CEO Chris Comparato, said in a company press release. "In the meantime, the Toast Restaurant Recovery Fund serves as our $35M investment in the foodservice community to give restaurants a fighting chance amidst the COVID-19 health crisis.

The Act, which was introduced in the U.S. House of Representatives in June and proposes a $120 billion grant program , has been stalled since it's introduction.

"It's crucial to help the restaurant community navigate the coming months, because restaurants are not only places that help fulfill our deep human need for connection, they also contribute to keeping the economy alive. Every dollar spent in restaurants generates over two dollars in spending across our economy. We stand with the restaurant community in facing a challenging winter together."

The Toast Restaurant Recovery Fund Includes:

- One Month Software Credit: Toast will provide a one month software credit to all current Toast customers to help them navigate this winter.
- Pass It On Campaign: Any Toast customer can pass their one-month SaaS credit to a restaurant facing more significant hardships.
- Access to Toast Products: Toast will offer complimentary access for a limited time to Online Ordering, Toast Payroll and Toast Marketing.
- Toast Capital: Toast will provide access to funding that restaurants can use for winterization, working capital needs and more.
- Access to Best Practices: Toast's Restaurant Recovery Series documents tactics, best practices, and tips on how restaurateurs can navigate the COVID-19 health crisis.

Operations Toast, Inc.

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