Cryptocurrencies are digital currencies that use cryptography to secure transactions and prevent counterfeiting and fraud. How does it work? According to Alison Conner of Edible Tampa Bay, “Crypto comes with a built-in ledger system, a database called the blockchain, which stores a record of every currency transaction ever made. Records on the blockchain are accessibleContinue reading “Cryptocurrency in the Restaurant Industry”
Category Archives: Finance & Tax
Important Updates on the Employee Retention Tax Credit for Employers
If you’re a small restaurant or business with 500 or fewer employees and you’ve had more than a 20% decline of gross receipts in a quarter compared to 2019, you may be interested in hearing about this latest news regarding the Employee Retention Tax Credit (ERTC). And thanks to the new provision in the law, yes, this applies even if you’ve already applied for the first or second draw PPP loan.
Restaurant Revitalization Fund (RRF): What to do ASAP
UPDATE: On 3/30/21, SBA has announced that Restaurant Revitalization Fund applicants no longer need to sign up for a SAM.gov account or have a DUNS number. This change will not impact your participation in the RRF if you’ve already obtained these numbers. For more info, check out this resource provided by the IRC Recently theContinue reading “Restaurant Revitalization Fund (RRF): What to do ASAP”
The Second Draw PPP Loan: The Latest News and Next Steps for Restaurants and Small Businesses
Restaurants and Small Businesses may now apply for a second PPP Loan beginning January 13, 2021, thanks to the latest COVID-19 pandemic relief bill approved in late December which authorizes up to $284.5 billion for eligible businesses. With these additional loans, qualifying restaurants and small businesses can fund payroll costs (including benefits), and pay forContinue reading “The Second Draw PPP Loan: The Latest News and Next Steps for Restaurants and Small Businesses”
Restaurant Menu Pricing Strategy during COVID-19
With how the restaurant industry looks right now, from shifting consumer behavior and volatile demand, strategically pricing a menu has never been so complicated, nor so important. It doesn’t help that the costs of running a restaurant are higher than ever. According to an analysis by Buyers Edge Platform, a restaurant supply-chain company in Waltham,Continue reading “Restaurant Menu Pricing Strategy during COVID-19”
Restaurants That Go Cashless: Pros and Cons
For many of us, it’s hard to remember the last time we paid for a meal using cash. We are slowly but surely moving towards a cashless society. This is evident in the way we make routine dining purchases. Research by TSYS reveals that 40% of Americans pay with credit cards, 35% with debit cards,Continue reading “Restaurants That Go Cashless: Pros and Cons”