Struggling 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.