An Update on the Employee Retention Tax Credit
There are a lot of moving pieces affecting the restaurant industry. Here is an assessment with our federal partner, the National Restaurant Association (NRA), of the key issues and what is being done to keep the industry moving forward.
Employee Retention Tax Credit
Watch the NRA’s latest 90 Second Update for an update on the status of the Employee Retention Tax Credit (ERTC). The ERTC was redesigned with input from the NRA and has the potential to be a critical recovery tool for tens of thousands of restaurants. But, as we move closer to the end of the year, many restaurants have yet to see their refund checks from the IRS.
Earlier this month, the NRA wrote the Treasury Department and the IRS with a series of asks to get the ERTC process moving and to protect vulnerable restaurants that will soon owe January tax payments.
The NRA is meeting with Treasury officials soon and would like to walk in with a petition that demonstrates how important this issue is to the restaurant industry. If you have 30 seconds, please review the petition and add your name.
Replenishing the Restaurant Revitalization Fund (RRF) remains a top priority. If you haven’t contacted your elected official in Washington, D.C., now is the time to do so.
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