House passes $42 billion Restaurant Revitalization Fund replenishment

The U.S. House of Representatives voted today to add $42 billion to the Restaurant Revitalization Fund for food industry businesses that originally applied for a grant. Restaurants that applied previously will not need to reapply. The Restaurant Revitalization Fund was passed in 2021 with $28.6 billion, providing desperately needed assistance to over 100,000 restaurants. But …

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Restaurant industry software

The number of restaurant industry software programs can be over-whelming but deciding on which ones to use can also be a crucial part of your success. We’ve summarized a hand full of software programs below that we’re seeing in the industry to provide you with a brief summary all in one place of what they …

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In-house vs. third party delivery

As third party delivery options have grown over the last few years, restaurant owners and operators may be contemplating the pros and cons between using in-house delivery and third party platforms. Here are key distinctions between the two as well as the largest pros and cons of each. Don’t miss: Don’t forget about the Employee …

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New restaurant businesses and the importance of operating agreements

When starting or expanding a restaurant in the form of a partnership, one of the most important first steps to take is to consult with a business attorney to draft operating agreements everyone involved in the venture agrees to. Unfortunately, this very important step is often overlooked by new business owners, as they are busy …

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Three tips to increase restaurant valuation

When it comes time to sell your restaurant, there are many things that you need to consider. This is the first part of a two-part series in preparing to sell. Here, we’ll talk about tips to increase restaurant valuation. The two parts consist of the following: Part I – Three Tips to Increase Your Valuation …

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Software solutions for your restaurant

Society as a whole continues to become more reliant on technology and that can also be said for the restaurant industry. Whether you are just starting your restaurant business or you are several years in, it is never too late to look at the benefits of automation and what software solutions may work best for …

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Restaurants eligible for tax free pandemic loss grants

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 …

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Experienced an operating loss? Consider impairments of long lived assets.

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 …

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Robots in the restaurant industry

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 …

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Latest on the PPP forgiveness process

The Paycheck Protection Program (PPP) was probably the biggest part of the CARES Act passed in late March. Since its passing, there have been never ending questions and changes from how to apply a loan to how to apply for forgiveness. This has been such an impactful piece of legislation that I will say that …

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