Tucked into the American Rescue Plan Act signed into law March 11, 2021 is a $25 billion Restaurant Revitalization Fund (RRF) administered by the U.S. Small Business Administration (SBA). The RRF establishes tax free pandemic grants for eligible businesses suffering from COVID-19 related revenue loss. Don’t miss: Food delivery businesses and sales tax issues To …
The COVID-19 pandemic made 2020 a challenging year for restaurant operators. For many restaurants, the difficulties caused by the pandemic will require management to review the carrying amounts of long-lived assets for potential impairment. Impairment is the write-down of value for assets on your balance sheet. Annual review of asset carrying amounts is standard for …
Here we go again! Another year, another audit. Maybe this time last year you were a little stressed trying to prepare paperwork and fulfilling requests for the audit team but have no fear because we have tips for you this year! Don’t miss: What restaurant owners need to know about the employee retention credit You …
Robots have been a staple in the manufacturing industry since the 1930s. Today we are now seeing robots in the restaurant industry to quicken and perfect the food preparation phase, mostly in fast food restaurants. Don’t miss: Summary of 2020 Side Dish blogs These robots used in the restaurant industry are any machine able to …
You’ve heard before that 80-90% of restaurants fail within the first year. That’s simply not true. In fact, according to research by Philip Stark at UC Berkeley the number is really 17% in the first year. This goes to show that the average restaurateur really knows their stuff. A lot of planning goes into starting …
In addition to royalties, most franchisors will collect amounts from franchisees for brand marketing and advertising. Typically, these are set as a percentage of sales for each franchisee. The franchisor has control over the collection and the spending of the advertising funds, which should be used for the overall promotion of the restaurant brand that …
I think we can all agree that 2020 has been a doozy so far, and it’s only August! You’ve no doubt been impacted by the COVID-19 situation, and you’ve probably made many changes in your restaurant operations on very short notice. Maybe you had to lay off staff for periods of time or work with …
Guest Blogger Jeremy R. Jarrett is an associate lawyer with Jennings Strouss & Salmon, P.L.C. He assists a wide range of clients with mergers and acquisitions, capital raises, corporate governance, commercial contracts, reorganizations, and restructurings. Currently, the United States is in the midst of an unexpected pandemic that is wreaking havoc on all businesses, especially …
During these uncertain times, you most likely are searching for ways to keep your restaurant operating and sustaining cash flow. Relief may have come from the Paycheck Protection Program and you may have focused on delivery and pick-up options to mitigate the recent health mandates. There is hope that sooner than later your restaurant can …
It seems like we have been talking about the new revenue recognition standard and lease standard for almost a decade now. As of last month, the Financial Accounting Standards Board (FASB) has extended the implementation period for these new standards yet again. For the leasing standard, private companies may now delay to annual reporting periods …