With all that has been going on I have to be honest that I lost touch with the latest stimulus act that passed the House and is currently in the Senate – but the NRA did a nice write up on the latest: https://restaurant.org/
This is a whopper of a bill! Basically, as written (it isn’t law yet) it will provide a grant – not a loan – to restaurants based on a calculation of:
2019 Revenue – 2020 Revenue (so, total lost sales) – PPP & EIDL funds received = Grant Amount
For restaurants that were not down a tremendous amount, this calculation likely means you will not receive anything. But for places like mine that were hit hard (operating in a mall is rough right now!) it could be quite a meaningful sum.
In addition here is an article from our handy CPA that breaks down the details even further: https://rycpas.com/the-
Of course as it is still in the Senate anything could change, but I thought it was worth sharing!
And looking at our sales numbers, we definitely are creeping back up to our post-covid highs of last summer! Still down meaningfully of course, particularly in the Northeast, but between warmer weather and shots-in-arms, that 0% marker (getting back to pre-covid sales) feels attainable soon.
As always, find the full breakdown below.
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