How Restaurant Owners Should Navigate PPP Forgiveness and COVID Tax Credits

Following Covid-19 temporary business closures, the federal government offered financial assistance and flexibility with the Paycheck Protection Program (PPP), tax credits, and the deferment of some taxes. Watch this video to learn how about:
PPP forgiveness
employee retention tax credit
wage adjustment for tipped employees
sick leave cap.

Families First Coronavirus Response Act: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
SBA and PPP loan forgiveness: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness
Texas Workforce Commission Restaurant Owner and Operator Recovery Resources: https://www.twc.texas.gov/restaurants
Texas Restaurant Association Coronavirus Guidance Resources: https://www.txrestaurant.org/news/coronavirus-guidance-resources

This material has been prepared by the Texas Workforce Commission and Texas Restaurant Association for informational purposes only, and is not intended to provide, and should not be relied on for professional advice. Restaurant Operators are encouraged to consult tax, legal and accounting professionals before engaging in any transaction, and to contact state and local health authorities for the most up to date COVID-19 guidelines.

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