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Federal Update | HEROES Plan Impact on Restaurants

9/30/2020

1 Comment

 
SUMMARY OF PELOSI'S PROPOSED $2.2 TRILLION HEROES PLAN
The National Restaurant Association has reviewed the Speaker Pelosi’s revised HEROES Plan and its impact on the restaurant industry. See the main points of the summary below:

Payroll Protection Program
  • Creates a second round of PPP. Must demonstrate 25% gross receipts loss in 1Q, 2Q, or 3Q 2020 year-on-year. No operator can secure more than $10M in loans aggregated across all of their locations.
  • The bill is silent on the restaurants/hotel exclusion that we secured when PPP was created the Senate GOP plan was as well - although SBA will continue to extend the exclusion if this passes
  • Clarifies that qualifying business expenses paid with a PPP loan are deductible from federal taxes. 
  • Creates streamlined forgiveness process.
  • Allows some non-profit organizations to apply 
Restaurants
  • Blumenauer RESTAURANTS Act: Creates new Treasury Department grant program ($120B), funding lost revenue between 2019 and 2020. 
    • Any restaurant operating in more than 20 locations (regardless of ownership) is ineligible
Employee Retention Tax Credit (ERTC)
  • Expanded eligibility
Unemployment Insurance           
  • Restores $600/week program through January 2021.  

You may view National's Executive Summary of the act HERE, as well as the National Restaurant Association's press release on the plan. 

CRA will continue to update as we track the development of this legislation.
1 Comment
suraj mlhotra link
4/6/2022 07:19:07 am

I love your idea to greet every guest at the door, even if it’s just a “hello”. My family is coming over this week and we want to visit a local buffet. We need to make sure they follow a lot of this advice so that we have a good experience there.

Reply



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  • Advocacy
    • Government Affairs
    • Government Relations Team
    • Resources & Information
    • Sign Up for CRA Alerts
  • About Us
    • Leadership & Staff
    • Board of Directors
    • CRA Prime Partners
  • Members
    • Join the CRA
    • Why Become a CRA Member
    • Request More Info
    • Member Benefits
    • Member Exclusive Savings
    • #CTCRAvings
    • Healthcare >
      • Member Exclusive Healthcare Programs
    • CRA Membership Webinar
    • Allied Membership >
      • Allied Membership Tiers
      • Allied Member Profile Updates
      • Allied Member Directory
      • 10 Ways to Leverage Your Allied Membership Today
    • Member Directory
    • Allied Member Directory
    • CRA Prime Partners
    • Member Portal
  • ServSafe & Industry Training
    • ServSafe Manager & Food Safety >
      • ServSafe Manager ONLINE
      • ServSafe Manager In-Person Classes
      • ServSafe Food Handler
      • ServSafe Allergen
    • ServSafe Workplace >
      • Sexual Harassment Prevention
      • Unconscious Bias Training
    • ServSafe Alcohol
    • ServSafe FAQ
    • ServSafe COVID Resources
    • Food Safety Regulations
  • Foundation
    • Careers >
      • Workforce Development >
        • Restaurant Ready
        • Apprenticeships
        • Culinary Student Work Sites Application
    • CHEF News: What's Cookin?
    • ProStart >
      • 2023 ProStart Boot Camp
      • October Baking Challenge 2023
      • 2023 CT ProStart Invitational
      • What is ProStart?
      • ProStart FAQs
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        • Restaurants: ProStart Weekend 2023
    • Relief Funds >
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      • CT Restaurant Relief Fund
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