NRN: Here’s What the $2 Trillion Economic Stimulus Plan Does for Restaurants

Last week, the White House approved a sweeping $2 trillion stimulus package designed to provide relief for businesses and individuals affected by the coronavirus crisis that has sent the economy plummeting and unemployment skyrocketing. 

The bill includes a number of provisions aimed at reviving restaurants, which have been hit especially hard by the social-distancing measures enacted to curtail the spread of COVID-19. Nation’s Restaurant News took a close look at those provisions, breaking down what the Coronavirus Aid, Relief and Economic Security, or CARES Act, means for restaurants.

NRN identified four critical areas of relief offered by the bill: small business loans, tax benefits, unemployment insurance and Quality Improvement Property fix. That last one may leave some industry laymen scratching their heads, but for many restaurateurs, it’s been a key point of contention with lawmakers for years.

Restaurants will be able to write off costs associated with improving facilities with this retroactive amendment to the bonus depreciation rules. Sometimes called the "retail glitch," industry groups, including the NRA, have been pushing for this correction to the 2017 Tax Act.

Read the full article at nrn.com.