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Federal Update | HEROES Plan Impact on Restaurants

9/30/2020

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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.
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  • Advocacy
    • CT Restaurant Promise
    • Legislative Roundtables
    • Contact your Legislator
    • Minimum Wage Map
  • About Us
    • Leadership & Staff
    • Board of Directors
    • Partnership
    • Sponsors
  • Members
    • Join the CRA
    • Member Benefits
    • Allied Members
    • CRA Endorsed Partners
    • Member Onboarding
    • Member Portal
    • Member Directory
  • ServSafe
    • ServSafe Manager ONLINE
    • ServSafe Manager ONLINE & AT HOME EXAM
    • ServSafe Manager
    • ServSafe COVID Resources
    • ServSafe Alcohol
    • ServSafe Food Handler
    • ServSafe Allergen
    • ServSafe FAQ
  • Foundation
    • CT Hospitality Employee Relief Fund
    • ProStart
    • Scholarships
    • Sponsorships
    • Sponsors
    • Get Involved
    • Goggins Challenge
  • Directory
    • Job Board >
      • Job Board
    • Events >
      • Events Calendar
      • Community Events
      • Seminars
      • CT Eats Week
      • CRA Annual Golf Classic
      • 2019 CRAzies Awards
    • eNewsletter
    • News
    • Industry at a Glance
    • Buyers Guide
    • Member Directory
    • CRA Gift Certificate
    • Contact Us