Restaurant Tax Credits Under The American Rescue Plan Act

Podcast Video The American Rescue Plan Act of 2021 (ARPA) is an Emergency Legislative Package to Fund Vaccinations, Provide Immediate, Direct Relief to Families Bearing the Brunt of the COVID-19 Crisis, and Support Struggling Communities. ARPA was signed into law by President Joe Biden on March 11, 2021, and it builds upon the directives of […]

Year-End Restaurant Treasury Focus: CARES Act Changes & NOL Carrybacks

Many businesses struggled to turn out a profit or even mitigate losses throughout 2020. Fortunately, the government passed various articles of legislation within the last year in order to help businesses start on the path of financial recovery. During this episode of The Tip Share, RASI Compliance Director, Brian Smith, walks RASI New Business Strategist, […]

How The New SBA Changes Better Accommodate Small Business Restaurants For PPP Loans

As the Small Business Administration (SBA) continues to make changes within the requirements and restrictions for PPP Loans, RASI Compliance Director, Brian Smith, ensures small business owners are up to date on the latest amendments. Check out the newest modifications that the SBA has made to the PPP Loans in order to better accommodate small businesses!
• Financial Growth
• Rooftop/Acquisition Growth
• Brand Diversification

Shuttered Venue Operators Grant (SVOG) Program

What Is The SVOG Program? The Shuttered Venue Operators Grant (SVOG) Program provides emergency economic aid for eligible venues affected by the COVID Pandemic. The Economic Aid Act funded the SVOG program with $15 billion to provide eligible applicants with grants equal to 45% of their gross earned revenue, up to a maximum of $10 […]

PPP Changes & The Definition Of Non-Payroll Expenses

The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures. These newly added categories are set to help restaurants in a large way. Learn about the legal amendments and see how your restaurant could be positively affected by the updates!

How The Latest EPSL/PFMLA Updates Might Affect Your Restaurant

The American Rescue Plan Act of 2021 extended and made minor adjustments to the tax credits associated to Emergency Paid Sick Leave and Paid Family and Medical Leave originally enacted under the FFCRA (Families First Coronavirus Response Act), the act did not extend the requirement to pay wages under either category. Therefore, employers who voluntarily choose to pay Emergency Paid Sick Leave and/or Paid Family and Medical Leave for qualified reasons will receive a tax credit.

The Restaurant Revitalization Fund – What You Need To Know

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Here’s when and how to apply.
This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!

Is Your Restaurant Missing Out On Beneficial Tax Credits?

Over the last year, we’ve seen a number of government programs designed to assist the restaurant industry with grants and loans. For many years prior, however, there’s been an offering of tax credits for hiring and employing certain groups of individuals that has been extremely underutilized. Learn how the Work Opportunity Tax Credit (WOTC) may benefit your restaurant!

Why Your Restaurant Should Market Valuable Business Meal Write-Offs

The IRS has recently provided guidance covering The Tax Payer Certainty And Disaster Tax Relief Act of 2020. The new legislation allows for a temporary 100% tax deduction for business meal expenses for food and beverages that are purchased from a restaurant. Normally, a business meal expense is 50% tax-deductible, so the 100% deduction is provisional for expenses that are incurred from January 1st, 2021 through December 31st, 2022. Tune in to this week’s podcast and learn why restaurants should be marketing to all businesses around them about this valuable write-off!