With all that has been going on I have to be honest that I lost touch with the latest stimulus act that passed the House and is currently in the Senate – but the NRA did a nice write up on the latest: https://restaurant.org/downloads/pdfs/advocacy/2021-restaurants-act
This is a whopper of a bill! Basically, as written (it isn’t law yet) it will provide a grant – not a loan – to restaurants based on a calculation of:
2019 Revenue – 2020 Revenue (so, total lost sales) – PPP & EIDL funds received = Grant Amount
For restaurants that were not down a tremendous amount, this calculation likely means you will not receive anything. But for places like mine that were hit hard (operating in a mall is rough right now!) it could be quite a meaningful sum.
In addition here is an article from our handy CPA that breaks down the details even further: https://rycpas.com/the-upcoming-restaurant-revitalization-fund-rrf/
Of course as it is still in the Senate anything could change, but I thought it was worth sharing!
And looking at our sales numbers, we definitely are creeping back up to our post-covid highs of last summer! Still down meaningfully of course, particularly in the Northeast, but between warmer weather and shots-in-arms, that 0% marker (getting back to pre-covid sales) feels attainable soon.
As always, find the full breakdown below.
Best,
Bo
Sign up to receive our emails for sales data, updates and resources as our community navigates Covid-19.
SIGN UP