07/28/2022
Most business owners have heard of the PPP loans that were offered during the pandemic and some may have heard about the Employee Retention Tax Credit (ERC or ERTC). Early during the pandemic, the rules stated that if a business took advantage of the PPP loan, they were not eligible for the ERC. Many did not realize that the rules have been ever changing! The latest IRS update issued in May 2021 clarifies several provisions and broadens the qualifications, making it possible for more U.S. businesses and non-profits to qualify for the ERC tax credit program. Please note, this is NOT a loan. This is a credit that is being issued to the employer/business owner. I have seen reports that are stating that 70% – 80% of small & medium sized businesses & charities/non-profits are unaware that they may be eligible for this tax credit.
If your business (or non-profit) suffered a reduction in revenues, or was negatively impacted due to federal, state, or local government requirements or there were supply chain limitations that caused your business to suffer your business could be eligible for the ERC credit.
My team will provide a no obligation review to determine if your business is eligible for the ERC. Call to learn more 516.268.0350
