Restaurant Operators Are Still Struggling To Remain Afloat, According To 2022 Survey
A recent NRA Survey was conducted from July 14 to August 5, 2022, to determine the business conditions of restaurants. The verdict? Restaurant operators expect business conditions to remain challenging.
According to Mississippi restaurant operators, business conditions deteriorated in recent months, with 55% of them saying business conditions for their restaurant are worse now than they were 3 months ago. Only 6% say business conditions improved during the last 3 months.
The most notable impact is the cost of operations. A huge majority of Mississippi operators say their costs are higher now than they were before the pandemic:
86% of operators say their total food and beverages costs are higher than 2019
79% of operators say their total labor costs are higher than 2019
59% of operators say their total occupancy costs are higher than 2019
90% of operators say their total utility costs are higher than 2019
93% of operators say their other operating costs (supplies, G&A, etc.) are higher than 2019
42% of operators say they postponed plans for expansion
23% of operators say they stopped operating at full capacity
16% of operators say they eliminated third-party delivery
This means profitability is down from pre-pandemic levels, despite the wide variety of mitigating actions taken to address higher costs.
What is ERTC, and how can it help offset the losses your restaurant has sustained due to the pandemic?
The Employee Retention Tax Credit (ERTC) is a program set up under the Cares Act in response to the Pandemic. The credit is a reward to businesses that stayed open during the pandemic and kept our economy going. The credit repays a portion of the wages paid by employers financially impacted by the Pandemic. The IRS will send your business a check for the amount you qualify to receive. You will not have to pay this back.
The best course for your business is to hire legal counsel to file for the ERTC refund and properly provide synchronous documentation that will “paper” exactly how the business qualifies for the ERTC.
More FAQs here:
https://chadjoneslawpc.com/employee-retention-tax-credit
At The Jones Law Firm, our team is ready to help you quickly conduct an in-depth analysis to fully understand the Employee Retention Tax Credit (ERTC) funds you might qualify for. We can guide and help you investigate your claim of eligibility, determine your potential tax credit, and then file the claim for your refundable ERTC tax credit.
If you’re unsure that you’ve claimed eligible funds or that your accountant conducted the filing correctly, then don’t hesitate to reach out. You could be leaving hundreds of thousands on the table, literally.
Please click the link and sign the Employee Retention Credit Representation Agreement:
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