Jim, the owner of Big Time Restaurant, is applying for the Main Street Small Business Tax Credit

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Question:

Jim, the owner of Big Time Restaurant, is applying for the Main Street Small Business Tax Credit I. His restaurant has 23 employees. Jim determines the restaurant had $250,000 in gross receipts for the second quarter 2019 and $100,000 in gross receipts for second quarter 2020. Therefore, the percent of decrease in gross receipts is what percentage? Explain