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Congress Passes $900 Billion Relief Bill, Includes Provisions for Restaurants

Posted: December 22, 2020

Originally posted by the National Restaurant Association.

Congress has passed a $900 billion relief bill to provide short-term economic relief to the country in the face of the coronavirus pandemic. The bill includes a second round of access to the Paycheck Protection Program (PPP) with unique provisions to assist the restaurant industry.

Provisions in the new bill that will benefit restaurants include:

  • PPP second draw – 100% forgivable loan
  • Restaurants can access 3.5x payroll
  • Greater flexibility in accepted uses of PPP loans – including inventory costs
  • Expanded Employee Retention Tax Credits (ERTC)
  • Long-term extension of Work Opportunity Tax Credit (WOTC)
  • Business meal deduction expanded to 100% for next two years
  • Enhancements to other critical SBA lending programs

NRA COVID-19 Relief Overview Dec2020

 

 

 

 

 

Click here to see the NRA’s full bill breakdown

Click here to read the National Restaurant Association’s full press release.