The Side Dish

Finance to Table Education for Operating Your Restaurant

COVID-19 Tips for Your Restaurant

restaurant during covid-19Struggling to think of ways to keep your restaurant business going during the coronavirus (COVID-19) crisis? Here are some ideas we hope will help.

  • Check with your state and local governments to see if they have any disaster loans or grants.
  • Offer discounted gift cards (Tax Treatment of Gift Cards)
  • Pare down your menu to favorites and easy to reheat at home to go items.
  • Create daily food baskets for two or three meals that feed two to four people.
  • Discount your prices.
  • Check with your state to see if you file sales tax returns without payments.
  • Reach out to your landlord regarding delay of rental payments.
  • Hold off on paying utility bills. Many energy companies are delaying cutting service for nonpayment.
  • Check to see if your state allows a return or repurchase of unopened liquor.
  • Talk to your lender about an extension on audits or reviews.
  • Contact your insurance carrier to see if your coverage includes delivery options or closing your restaurant. Ask them if you can delay payment, get a refund for less staff and liability issues without dine-in clientele.
  • Set up an account with third-party delivery companies. (Learn more about Ghost Kitchens here)
  • Consider changes to pre-paid accounts. Can some be delayed?
  • If you’re a franchise, reach out to see if you can delay payments.

You’ll need to get creative, but you can do it. We’re here to help. For more information and restaurant/general resources for on COVID-19, see our coronavirus page. Feel free to contact your Henry+Horne tax adviser with any questions.

Beth Hawley