National Restaurant Association Action Alert
As Congress tries to move towards agreement on a final COVID relief package, plans have emerged for a new round of PPP funding that would require businesses to demonstrate a 50% loss of revenue. Congress must fix the legislation to ensure that more restaurants—the hardest hit businesses by the COVID-19 pandemic—are eligible.
When Congress created PPP, its intent was for business expenses paid by PPP to be tax deductible. However, guidance from the IRS says that expenses paid for with a forgiven loan are now taxable.
Take action now to help protect restaurants from surprise tax liabilities!
Distressed Restaurant Fund
Both the House and Senate have passed different versions of a distressed restaurant relief fund as part of a wide-ranging economic development bill. A conference committee has been tasked with drafting a compromise of the legislation. We will continue to advocate to the conferees that restaurant priorities be included in the final bill in addition to fully funding and creating this new fund.
ABCC Compliance Reminder
While the Commonwealth has authorized the sale of beer, wine and mixed drinks to go. Operators are reminded that these alcohol purchases must be made in conjunction with a food purchase.