COVID-19 has been a challenge for all of us. As the world shut down, the economy came to a halt, leaving the future of many businesses in precarious positions. As we begin to find normalcy again, businesses must focus on recovering.
One government program easing this process is the Employee Retention Credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during pandemic shutdowns.
Due to the extremely complex tax code and qualifications, it is severely underutilized. Changes in federal tax laws give small businesses tax credits up to $26,000 per W2 employee. However, businesses must apply quickly before funding dries up.
The money comes after legislative adjustments to the CARES Act’s Employee Retention Credit (ERC). The credit aims to help small businesses negatively affected by the pandemic response. Recent legislative changes adjusted timing and removed some restrictions to claim funding – making it easier for small businesses to receive money from the $400 billion program.
The credit is based on income taxes, so businesses can receive credit even if they paid no income taxes in 2020 or 2021. Businesses may receive credits even if they received Payroll Protection Program funding in the $1.9 trillion COVID-19 relief package.
ERC Specialists helps small businesses access funding without having to endure the complicated process to qualify. The service helps business owners discover how much money they can receive from the program and also file forms to help them get IRS tax credits. The service requires no upfront payments, and ERC Specialists receives 15% of total credits paid.
The credit is an attempt to reward businesses that stayed open and kept employees on the payroll when political demands shut down businesses and kept people home.
Click on the website below to access the site and begin the qualification process.