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As restaurants prepare for spring, the prospects for a Restaurant Revitalization Fund – featuring $25 billion in grants envisioned by the RESTAURANTS Act – are heating up. While the Association has long championed the bipartisan $120 billion RESTAURANTS Act in its entirety, the current proposal represents a key first step for restaurant relief in Congress. We’ll provide a timely update on the legislative progress and what this Fund may look like when it is operated by the Biden Administration.
Additionally, restaurants and hotels are the top industry accessing Paycheck Protection Program (PPP) loans under Second Draw. We will discuss why that is and what headwinds some restaurants are nonetheless experiencing with the program. Lastly, more restaurants are preparing to claim employee retention tax credits (ERTC), as coordination with past and current PPP loans is now permitted. Learn more about expanded ERTC and how it can help for both 2020 and 2021.