Restaurant audit prep tips

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 …

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What restaurant owners need to know about the employee retention credit

The employee retention tax credit (ERC) is a refundable tax credit for employers who had business operations that were either fully or partially suspended by a COVID lockdown order and retained employees. The credit is equal to a certain percentage of wages paid after March 12, 2020. The $900 billion pandemic relief bill that was …

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PPP, business meals and more – Key takeaways from new stimulus legislation

Last week the president signed into law the next COVID-related economic stimulus package, and many of it’s provisions will be especially helpful, or are even geared specifically towards assisting the restaurant industry. As many states go into a second phase of full or partial lockdowns with restrictions on indoor, or even outdoor dining, these provisions …

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New stimulus law adds to PPP program

On Sunday, December 27, President Trump signed the $900 billion relief package passed by Congress before Christmas into law. The act includes modifications to the current PPP loan provisions contained in the CARES Act and adds another round of PPP funding that we will call PPP2. The bill that was passed was over 5,000 pages …

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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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New SBA guidance for forgiveness of PPP loans of $50,000 or less

On October 8, 2020, the SBA jointly with Treasury issued an interim final rule providing additional guidance concerning the forgiveness and loan review process for PPP loans of $50,000 or less. The interim final rule should result in a simpler forgiveness and loan review processes for loans of $50,000 or less by exempting the borrower …

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