Restaurants Can Qualify for Big Tax Credits
A new law signed in late December 2020 makes restaurants eligible for an employee retention tax credit, even if they received a PPP loan. Now, for any calendar quarter between March 13 and Dec. 31, 2020, a restaurant with 100 or fewer full-time employees may be able to access ERTC of up to $5,000 per employee.
And, for the first two quarters of 2021, Jan. 1–March 31, and April 1–June 30, restaurants with 500 or fewer full-time employees may be able to access ERTC of up to $7,000 per employee per quarter. Read how it works.
Join the Association and tax experts at Covington & Burling LLP and BDO as they walk restaurant operators through how to take full advantage of PPP loan filing and forgiveness and will provide updates on recent developments in:
- Employee Retention Tax Credits for 2020 and 2021 (note: new rules might make you eligible for up to $19K per employee)
- Net Operating Loss carryback
- Qualified Improvement Property depreciation
Webinar is Wed., Feb. 24 at 3 p.m. ET.
Source: National Restaurant Association