lra Recent News

Louisiana Restaurant Association
  • About Us
    • Upcoming Events
    • Leadership >
      • Past LRA Chairs
    • Advertising & Media
    • LRA Staff Directory
    • LRA Recent News
    • Contact Us
  • Membership
    • COVID
    • Benefits
    • Membership Application
    • Advocacy
    • Chapters
    • Louisiana Restaurant Legends
    • ADA Compliance Disclaimer
    • Member Login
  • Training
    • ServSafe Foodservice Manager
    • ServSafe Alcohol
    • ServSafe Allergens
    • ServSafe Food Handler
    • ServSuccess
    • Manage My Restaurant
  • LRA SIF
    • Agents & Brokers
    • Leadership
    • Coverages
    • Claims
    • Loss Prevention
    • Questionnaire
    • Compliance Reporting
    • LRA SIF Staff Directory
    • Contact Us
  • Showcase
    • Attendees >
      • 2021 Exhibitor List
    • Exhibitors
    • Be a Sponsor
    • Floor Plan
    • Hotels & Travel
    • Contact Us
  • Education
    • About Us
    • ProStart
    • Giving
    • Scholarships
    • Annual Partners
    • Contact Us

LRA Statement on Federal Pandemic Relief Bill

12/21/2020

 
Picture
Today, Congress unveiled a $900 billion relief bill to provide short-term economic relief to the country in the face of the coronavirus pandemic. The plan includes several items that will benefit restaurants, most importantly, a second round of access to the Paycheck Protection Program (PPP), with unique provisions aimed to assist the restaurant industry, which continues to endure unparalleled job and revenue losses.
 
“Since early March, when Louisiana restaurants were shut down by the pandemic, the Louisiana Restaurant Association partnered with the National Restaurant Association to press Congress and the Trump administration for both long-term and short-term economic support,” said Stan Harris, LRA President and CEO. “This bill will provide Louisiana restaurants with much needed capital, creating more time for us to work with Congress to develop additional programs to save our beloved community restaurants.”
 
The plan announced today targets restaurant relief with provisions including:
  • Enhanced PPP Loan Size: The PPP provides a business with a forgivable loan based on 2.5 times its monthly payroll costs. Restaurants, however, can seek forgivable loans based on 3.5 times monthly payroll costs.
  • Enhanced Access to PPP: Companies that employ a total of 300 or more employees at all locations (combined) are deemed ineligible for the PPP. Today’s bipartisan plan reflects the reality that many mid-sized and larger restaurant groups are on the verge of bankruptcy and allows restaurants to qualify for PPP as long as they do not employ more than 300 employees at each physical location.

Other provisions in the bill that will benefit restaurants include the deductibility of business expenses paid with PPP loans, enhancement of the Employee Retention Tax Credit (ERTC), extension of the augmented Work Opportunity Tax Credit (WOTC), and increased tax deduction for business meals.
 
“The action taken by Congress today will keep tens of thousands of restaurants from closing in the coming months,” said Tom Bené, President and CEO of the National Restaurant Association. “A second round of PPP, combined with unique enhancements for the restaurant sector, will provide critical access to capital. Restaurant operators and their employees are dedicated to serving their communities, and today’s bipartisan agreement will give them the opportunity to do that through the holidays. However, the long-term economic challenges facing independent, franchise, and chain restaurants will not end with the new year, and we will continue to press federal and state leaders for the support that will put us on the road to recovery.” 
 
Click here to read the provisions in the new bill. Find the full National Restaurant Association Blueprint for Restaurant Revival, which includes additional supports to put the restaurant industry on the road to recovery, here.


Comments are closed.

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017

    Categories

    All
    Boil Water Advisory
    Capitol Connection
    Chapter Awards
    Chapter Fundraisers
    Educational
    Emergency
    EMV
    Endorsed Providers
    EXPO
    Food News
    Food Recall
    Health Care
    LRA SIF
    ProStart
    Restaurant Legends
    Scholarships
    Workforce Development

    RSS Feed

ADA Compliance Disclaimer
Privacy Policy 
 Copyright Louisiana Restaurant Association.  All Rights Reserved.
2700 N. Arnoult Road | Metairie, LA  70002
Phone: (504) 454-2277  | sitemap
MemberClicks
  • About Us
    • Upcoming Events
    • Leadership >
      • Past LRA Chairs
    • Advertising & Media
    • LRA Staff Directory
    • LRA Recent News
    • Contact Us
  • Membership
    • COVID
    • Benefits
    • Membership Application
    • Advocacy
    • Chapters
    • Louisiana Restaurant Legends
    • ADA Compliance Disclaimer
    • Member Login
  • Training
    • ServSafe Foodservice Manager
    • ServSafe Alcohol
    • ServSafe Allergens
    • ServSafe Food Handler
    • ServSuccess
    • Manage My Restaurant
  • LRA SIF
    • Agents & Brokers
    • Leadership
    • Coverages
    • Claims
    • Loss Prevention
    • Questionnaire
    • Compliance Reporting
    • LRA SIF Staff Directory
    • Contact Us
  • Showcase
    • Attendees >
      • 2021 Exhibitor List
    • Exhibitors
    • Be a Sponsor
    • Floor Plan
    • Hotels & Travel
    • Contact Us
  • Education
    • About Us
    • ProStart
    • Giving
    • Scholarships
    • Annual Partners
    • Contact Us