Payroll Tax Credit for Restaurants: Relief for Businesses Affected by Pandemic.
This law establishes a temporary, partially refundable credit against payroll taxes for small restaurants and food service businesses that suffered significant financial losses due to the COVID-19 pandemic and did not receive prior federal grant funding. Effective for 2023, this credit aims to support these employers by offsetting wage costs, helping them maintain operations and employment levels. This provides direct financial relief to struggling restaurant owners.
Key points
Introduces a refundable payroll tax credit for eligible restaurants that applied for, but did not receive, funds from the Restaurant Revitalization Fund (RRF).
The credit covers 100% of wages, capped at $25,000 in wages per quarter, applicable to wages paid in 2023.
Eligibility requires demonstrating a substantial drop in gross receipts (below 50% or 70% of 2019 levels) during 2020 or 2021.
Status:
Expired
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