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Our Top Resources for Restaurants - the CARES Act & COVID-19

Our Top Resources for Restaurants - the CARES Act & COVID-19

So what should small businesses start doing now?

  • Get your financial documents in order
  • Consult with your banker or accountant
  • Learn more about the available loan and tax credit options

SEE THE FULL BILL HERE

Key Highlights for Small Businesses:

payroll-protectionPayroll Protection

Eligible small businesses, self-employed and individual contractors If you are a franchisee, or a restaurant, which we know there are many, this means YOU. Don't miss this! you can apply for small business loans to cover payroll, benefits, mortgage, rent and other operating expenses. Portions of these loans may be forgiven, with certain limitations.

 

 

taxesTax Changes

Social Security tax payments may be delayed through December 2020, and repaid through 2021 and 2022, for eligible businesses. The CARES Act also removes the $250,000 ceiling per individual taxpayer on business losses of non‐corporate taxpayers for 2018 through 2020.

 

 

 

 

employee-retentionEmployee Retention Credit

eligible employers may be able to receive a credit against applicable employment taxes if experiencing a closure or significantly reduced gross receipts per quarter vs prior year.

 

 

 

One contributor at Forbes sums up the CARES Act specifically for Hospitality and Franchisees here.

READ THE ARTICLE

 

Top Resources to Learn More:

 
 
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restaurant Loss Prevention & Security Association

This site has daily updates on the industry’s response to COVID-19 and helpful strategies to manage restaurant locations through the pandemic.

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QSRMagazine.com

This article specifically outlines the challenges posed to small restaurants with labor portion of the stimulus package.

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Farm Bureau

This article covers how the Food & Agriculture industry will benefit from the CARES Act.

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FastCasual.com

This article shares a point of view from the IFDA about food distribution challenges and how effective the CARES act package will be for restaurants.

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New York State Restaurant Association

Various fact sheets and break-downs of the CARES Act for small businesses and restaurants.

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National Restaurant Association

A step by step breakdown of the Act, and explanations of the key aid packages offered. Links to applications, FAQs and more. Continuously updated as news and facts change.

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Franchise Times

This article specifically covers the payroll loan program portion of the CARES Act.

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RallyforRestaurants by Toast

A thorough review of the key elements of the act and links to apply for the various loans as well as other resources for restaurant operations and management through the COVID-19 pandemic.

  

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