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Restaurant Industry News Roundup
A lot has happened in the restaurant world during my 3-week absence. Here’s a roundup of the top stories:
• Congressman Blaine Luetkemeyer (R-Mo) introduced the ENTRÉE Act (Entrepreneurs Need Timely Replenishment for Eating Establishments Act) on July 20th. The proposed legislation, which has bipartisan support, would replenish the Restaurant Revitalization Fund (RRF) with an additional $60 billion.
• On August 9th a bipartisan group of senators introduced legislation which would add $48 billion in emergency funding to the RRF. This is the third proposed replenishment since the original RRF funds were depleted at the beginning of July, leaving 64% of eligible applicants without funding.
• The rapidly spreading COVID-19 delta variant, which now accounts for over 80% of new cases in the US, has led many cites and states to reintroduce mask mandates. Cities such as NYC and San Francisco are beginning to require proof of vaccination to be seated indoors at a restaurant or bar. Here in Oregon, a statewide mask mandate begins on August 13th for all public indoor spaces.
• While the city of Portland doesn’t currently require proof of vaccination from indoor diners, a growing number of restaurants are choosing to do so. Additionally, a group of over 20 local bars has formed a Vaxx Coalition, banding together to collectively require proof of vaccination for indoor service. The National Restaurant Association has put together a guide on how to handle asking customers for proof.
• This week the Senate passed President Biden’s $1.2 billion infrastructure bill. The House is scheduled to vote at the end of September. One element of the package would move the end date of the Employee Retention Tax Credit (ERTC) from the end of 2021 to September 30th.
The ERTC is a refundable tax credit originally introduced as part of the CARES Act in March 2020 and which the majority of restaurants that had pre-pandemic dine-in service qualify for. However, even if the ERTC is ended early, restaurants can still take advantage of it. Unlike the PPP, the ERTC is open ended and employers will have up to 3 years to make their claim. The National Restaurant Association has both a recorded webinar and transcript available on their site with additional guidance on claiming the ERTC.
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