The $2.2 trillion stimulus package, recently signed into law as the CARES Act, was designed to give aid to individuals and businesses who are adversely affected by the current global health crisis.
Many business owners are now wondering how this new law, created to ease their financial burden, affects them. In this post, we discuss what is included for businesses in the CARES Act and what it means for your digital menu boards.
Investing In Digital Signage Solutions During Crisis
Investing in new equipment during uncertain times can be worrisome, but with the CARES Act in place this should not be an issue. In fact, the newly passed CARES Act includes a section that can encourage those investments. According to the Act, businesses that invest in Qualified Improvement Property (QIP) will now have the benefit of accelerated depreciation and immediate tax deductions.
Essentially, that means that if you buy equipment that adheres to government-given guidelines and ensures the survival of your business while meeting the needs of your consumers, then you will be able to accelerate depreciation from 39 years to 15 years on this year’s tax returns. You will also be able to amend your tax documents from 2018 to apply the deduction there, as well.
CARES Act Tax Provisions for Qualified Improvement Property
Taking a step back to 2017, the Tax Cuts and Jobs Act was originally intended to accelerate the depreciation on QIP. If you are unclear on what exactly QIP is, here’s a quick definition: It is considered to be any improvements to the interior of a commercial building after the business was opened. The Tax Cuts and Jobs Act was intended to reduce the depreciable life of QIP from 39 years to 15 years. It was also meant to give immediate tax deductions valued at up to 100% bonus depreciation. Once the bill was drafted, Congress did not drop the lifespan from 30 years to 15 years, so the 100% bonus deduction was no longer on the table.
Although this was disappointing to many businesses across the country, the CARES Act has sought to remedy the situation. Congress decided to make the CARES act retroactive to January 1, 2018 – meaning taxpayers may amend their tax return documents from 2018 and re-file for the returns they should have gotten two years ago. As a result, businesses can now reap the benefits of accelerated depreciation.
What Does This Mean For Your Digital Menu Boards?
If you recently installed digital signage solutions for your quick service restaurant (QSR) retail space, grocery store or any other type of business, you can take advantage of the benefits within the CARES Act. Also, if you make changes to your facility now to improve your customer experience and make contactless interactions possible, you may be eligible for these benefits.
Since social distancing guidelines have been in effect, foot traffic is down and many are opting for remote interactions whenever possible to “slow the spread.” However, that doesn’t mean the QSRs and other essential businesses are closed down during a global health crisis. Because it’s necessary for essential businesses to remain open and provide goods or services to the public, even with many QSRs experiencing state-mandated dining room closures, it is crucial they adapt their business, including providing contactless or limited contact interactions. Digital signage from Scala makes it easy to deliver high-level customer service while maintaining a safe distance for your customers and staff.
During these unprecedented times, tensions can run high. By incorporating marketing technology such as digital signage solutions into your QSR, retail store or the essential business, you can help ease the stress of being out in public by streamlining contactless interactions.
Scala’s Digital Signage Solutions
Scala’s digital signage solutions are designed to enhance your personalized marketing efforts and streamline the flow of traffic within your space. From drive thru digital menu boards to self-service touchscreen kiosks, you can optimize how your customers interact with your business.
For more comprehensive support around implementing digital signage solutions, Scala offers an all-inclusive content platform. Scala Enterprise allows business owners, managers and marketing teams to create, manage, playback and publish new digital content quickly and efficiently. In today’s business environment and beyond, digital signage opens the opportunity to present guidelines for your business’ new ordering or pick-up procedures to customers, display new promotions and other relevant information to guests such as wait times and health and safety measures. All of this display content messaging can instill strong brand loyalty.
The best part about Scala’s digital signage solutions is that the content is managed locally, but the technical support is global. Based in Philadelphia, PA, our network of marketing technology and digital signage professionals span across the globe, reaching more than 100 countries.
With over 30 years of experience in the field, we have installed over 500,000 digital signage units around the world. Our flexible platform is available to help you optimize your business. To learn more about how Scala can help you incorporate digital signage throughout your facilities, get in touch with our experts today.