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