As a business owner, you need to be one step ahead of any COVID relief funds that might give your company the extra push it needs in these trying times. COVID hit the world back in 2020 and changed it as we know it forever; businesses shut down, there were mass layoffs, and many more devastating effects on businesses.
However, the government came up with relief plans for companies that continued to suffer as the new COVID Delta variant spread rapidly in May of 2021. Delta was more contagious than the previous variant that caused lockdowns. The Employee Retention Credit or ERC was created as part of the U.S. government’s Covid-19 relief package, the CARES Act (the Consolidated Appropriations Act). Included in the package was the Employee Retention Credit (or ERC) for businesses to avoid laying off employees. When Delta was identified and named in May of 2021, the government created new legislation to extend deadlines for applying for the ERC.
These programs are still available to apply for, but they are not going to be around forever. Especially as the curve of the virus slows and the world returns back to some semblance of normalcy. So, it is better to look into applying for the ERC now.
Why Should you Apply for ERC?
Before we get into why you should apply for the ERC, let’s talk about what the ERC is. As stated above, the Employee Retention Credit was started during the pandemic to prevent layoffs. By applying for the ERC, you can claim up to 50% of employee wages in the form of tax credits.
- Deadline
The original ERC deadline was set to expire at the end of 2021. However, it is still available. As a business, you should not wait to apply for ERC because there is no guarantee that the deadline will be extended into 2024. If you have the necessary qualifications to apply for this tax credit program, a great time to apply is now. - Keeping the Business Afloat
Let’s be honest, no one likes unnecessary layoffs. This is exactly why the ERC was made; so you can keep employees on your payroll and keep your business running as usual. With the ERC, you can receive up to $5000 in tax credits per eligible employee for the 2020 quarters and for 2021 quarters, up to $28,000 per employee. This is no small amount; in fact, this could be significant for any business. So, don’t wait and start researching now. - Relief for COVID Precautions
As the virus continues to mutate and new variants like Omicron, and the Omicron subvariant, BA.5 have emerged, your business will need to keep up with the existing and possibly new precaution guidelines. Your business may be impacted by these new variants. But you can apply for relief funds to help.
Running a business is hard enough, running a business during a pandemic is almost impossible. That’s why there is help.
We know that you built your business from scratch and have long-term goals you want to achieve. The good news is that you don’t have to let the ongoing impact of the pandemic stop you! Get in touch with us to learn more about what tax credits and relief funds your business might be eligible for. Our mission is simple – we take care of all the forms and documentation for you while you enjoy the tax credits and keep running your business. Contact Oppuous’ Cost Recovery Partner today: https://bit.ly/3CqIMp3
