Being honest – with some serious highs and serious lows this week – capturing everything made this update difficult to write!
With all the statewide mandates crippling so many of us, and the weather restricting outside dining, and for places like mine that are seasonal and December is usually our best month of the year…it is obviously rough out there and the numbers show it.
On the flip side that stimulus bill is a DOOZY and there is a lot in there for our industry.
The headline of course is the new version of the PPP will have a 30% larger cap per restaurant than the previous round, as long as a single quarter this year is 25% less than last year – which I think is safe to say, includes all of us.
As with the last bill there are also some hidden gems in there! It looks like they will waive SBA loan payments again (I LOVE that one), there are tax credits for maintaining employment, and they are allowing us to “double dip” on the PPP tax recognition (not having to treat the write off as income + expensing the costs).
Two great write ups to help you dig into the details:
https://rycpas.com/stimulus-4-0/
So while we are all feeling the pain, this stimulus (assuming Trump signs today as most expect) is going to help a lot. And vaccines. Ohhhh the vaccines. I have started to hear from folks optimism about summer/fall and frankly that is what I am choosing to focus on through the holidays.
I hope you all get some *much needed* and *much deserved* rest over the next couple of weeks!
Best,
Bo
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