Final Impact Survey, Build Back Better Update, Cook County Budget

Final Economic Impact Survey of 2021 - We Need Your Input

The IRA and National Restaurant Association have launched our last restaurant operator survey of the year. The results and data we receive from this survey will be critical to our continued advocacy efforts at the local, state, and federal levels.

Please take a few minutes today to complete the survey. The survey will remain open until December 1.

Looking to Boost Your Restaurant Sales and Savings? Join Us Tuesday Morning

Join the IRA and panelists from Sysco, Heartland, and restaurant operator Farm Bar on Tuesday, November 23 at 10:00 a.m. for a webinar providing seasonal cost saving and revenue generating ideas on everything from ordering, to technology, to trends for guest experiences.

Learn ways restaurant operators can save money as well as new ideas for generating revenue now

Este seminario web se transmitirá en inglés y español.
此网络研讨会有中文及英文两种放送版本

Click here to register.

House Passes Build Back Better Act, Potential Impacts on Restaurants

The National Restaurant Association released the following statement from Sean Kennedy, Executive Vice President of Public Affairs, in response to the U.S. House of Representatives passing the Build Back Better Act:

“We are disappointed that the House passed the Build Back Better Act without including the Restaurant Revitalization Fund Replenishment Act. The last few months have been a stark reminder that restaurants are still on a pandemic rollercoaster. The loss of consumer confidence because of the delta variant, combined with rising food prices, supply chain shortages, and higher workforce pay created a perfect storm that wiped out our rebuilding momentum. Passing this bill without including RRF replenishment leaves thousands of small business restaurants teetering on the brink of closure.

“We are also concerned with several elements included in the final bill. At the beginning of the year, we specifically asked Congress to not pass any legislation that would harm restaurants as they rebuild. However, this bill newly applies the net investment income tax (NIIT) to active business income for pass-through businesses—which includes many small business restaurants. The last thing that restaurants and other small businesses across the nation need at this time is to be saddled with an additional $252 billion in new taxes.

“On top of that, the bill throws out 85 years of established business and labor law by imposing new and enhanced fines and personal liability for directors and officers. If this change stands, a business that made inadvertent or technical errors could face fines high enough to put them into bankruptcy. Workers deserve protections in the workplace and bad actors who violate labor law should be held accountable. But this change is essentially using a bludgeon to intimidate and punish businesses that make inadvertent errors or who believe they are acting within their legal rights and in accordance with labor law.

“We hope the Senate will address these concerns as the legislation moves forward.

“The final bill does include some provisions we recognize will help address workforce concerns across the economy including free universal Pre-K and expanded childcare subsidies. We are also pleased that the House recognized the value of apprenticeship programs like the National Restaurant Association Educational Foundations’ Hospitality Sector Registered Apprenticeship, Restaurant Youth Registered Apprenticeship, and their apprenticeship opportunities for military personnel. The increased funding for programs like these will provide opportunity and training for people ready to advance their careers.”

Cook County Passes 2022 Budget

Yesterday, the Cook County Board of Commissioners approved a $8 billion FY2022 budget, which does not increase taxes or cut critical services. The unanimous 17-0 vote approving the budget followed a month of departmental hearings, commissioner questions and public meetings.

In the coming year, Cook County will use nearly a quarter of the billion American Rescue Plan Act dollars to fund programs in alignment with the Cook County Policy Roadmap. While the County plans on releasing a more specific breakdown of federal relief plans, and estimates may change in the future, President Preckwinkle provided a snapshot of how federal relief funding will be spent including:

• $80 million dollars to fund economic development initiatives like cash assistance programs and a guaranteed income pilot, short and long-term housing support, workforce development program expansions and assistance to small businesses.
• $60 million toward healthcare and access initiatives like increased behavioral health and mental health programming and services as well as initiatives promoting access to food and nutrition.
• $60 million for equity and justice initiatives like alternatives to 911 for mental health crises, expansion of permanent housing for re-entry populations and expansion of violence prevention programs and support for youth and young adults.
• $40 million on high priority infrastructure projects like investing in digital equity through broadband infrastructure expansion.
• $20 million for environmental projects such as pollution prevention and hazard mitigation programs that promote clean air, water and protection from environmental disasters.
• $27 million for regional programs such as Suburban Local Jurisdiction Technical Assistance, a Suburban Capital Infrastructure Fund and the development of emergency preparedness and continuity of government plans.

Click here to read the full announcement. Click here to read more from Crain's Chicago Business.

Restaurant Opportunity at Morgan Arts Complex in Bridgeport

Morgan Arts Complex - located at 3622 S. Morgan in Bridgeport - consists currently of art galleries, studios, a sound engineering company, and live theatre space. The building is seeking a point of destination restaurant that will have drawing power based on great food and service.

Available spaces include a 3000 sq. ft. dining room and bar, 3200 sq. ft. outdoor deck with 500 sq. ft. for kitchen space, and more.

The Complex is currently hosting numerous special events in the common areas of the building, and the restaurant for the building will be the first considered for future catering opportunities.

Click here for more information. Contact John Scuras to learn more about leasing opportunities in the building.

Restaurants Urge IRS to Speed ERTC Payments, Defer Q4 Taxes

Earlier this week, President Biden signed the bipartisan Infrastructure Investment and Jobs Act into law. The legislation terminates the COVID-19 employee retention tax credit (ERTC) for the fourth calendar quarter of 2021 in order to raise $8 billion to partially offset federal infrastructure spending. Previous ERTC eligibility or payments, either for 2020 or any of the prior three calendar quarters for 2021, should not be affected.

In a letter earlier this week, the National Restaurant Association urged the IRS and Department of Treasury to adopt three ERTC objectives to help restaurants:

Speed all ERTC payments, including 2020 and the three previous calendar quarters of 2021, to ensure eligible businesses receive ERTC funds by the end of 2021.
Allow small businesses to defer their fourth quarter federal income tax payments due on January 15, 2022, until July 15, 2022.
Safeguard all deferred fourth quarter federal income tax payments from any penalties or interest.
 
For more information on ERTC, please access the Association's policy brief.