Going through the pandemic as a business owner was tough. There was not only a big loss in revenue, clients, and whole businesses folded, but there was also a significant loss in business owners’ motivation to keep going. We know how the implications of COVID caused businesses to suffer, even today, and that is exactly why we’re here to help.
The government formulated many relief plans for businesses to cope and recover from the loss incurred. However, it can be tricky to figure out what relief funds you’re eligible for and how you can apply.
Types of COVID Relief
Of course, all businesses cannot apply under one umbrella COVID relief fund. Since there are different types of businesses, there are different types of COVID relief funds to cater to their needs.
1. Paycheck Protection Program (PPP)
PPP loans were provided to businesses during the pandemic so they could avoid laying off employees. These loans were granted at a low-interest rate and were backed up by the government. But the loan amount came largely through lenders across the country. While PPPs are no longer available, businesses that were granted this loan can apply for loan forgiveness if they used 60% of the funds provided for payroll costs and the rest for critical expenses.
2. Economic Injury Disaster Loans (EIDL)
EIDLs were granted to businesses located in an area of a natural calamity. This extended to areas deeply affected by COVID-19. Businesses all around the country that were affected by COVID were eligible to get this loan. This loan included a 3.75% fixed interest rate for businesses, along with a 2.75% fixed rate for nonprofits with a 30-year term with no prepayment penalties or fees. Companies could use these funds for their capital needs.
3. Employee Tax Credit (ERC)
The Employee Retention Credit (aka the ERC) was a program made for companies to keep them from laying off employees. The credit received from ERC could go up to 50% of employee wages credited to your employment tax credit account. To qualify, businesses needed to at least have a 50% reduction in gross receipts between a quarter in 2020 and the same quarter in 2019. Businesses earned credit on the basis of wages and healthcare costs that quarter. This credit continues every quarter till the business reaches 80% of the gross revenues from the same calendar quarter the year before. YOUR company may still be eligible.
How to Apply for COVID Relief Programs
1. Check your Eligibility
Since every relief fund program has different qualifying criteria, make sure to do your research beforehand. Work with our team to confirm eligibility, the eligibility assessment and our assistance is a no up front cost structure: https://bit.ly/3CqIMp3
2. Get the Necessary Documentation
One of the most important parts of applying for any relief funds or tax credits is having the right documentation. This includes having the correct forms (check the form numbers correctly) and having your personal documents along with your business documents in order before you apply.
3. Submit the Application
After you’re done filling out all the forms and have double-checked all the details, submit the form to the required office or online portal and wait for a response.
Applying for loans and tax credits can be daunting, and we get that. That’s why the team of experts at Oppuous’ Cost Recovery Partner is at your service. Let’s help you get your business back on its feet. Get in touch today (Link) and forget about filling out the wrong forms or applying for a tax credit program not suited for you or one that is no longer available. Let us do all the work while you enjoy all the credits; apply here today! https://bit.ly/3CqIMp3
