Although it’s been around since 2020, some business owners still haven’t claimed the Employee Retention Tax Credit (ERTC/ERC) even though they may be eligible to do so. Some of the best benefits of the tax credit may not have been communicated well, like how businesses can leverage the ERTC to reimagine and rebuild their workforce.
Using the ERTC to Reimagine Your Workforce
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the ERTC when it was signed into law on March 27, 2020. The ERTC rewards employers who kept employees on payroll despite major financial setbacks and shutdowns in 2020 and 2021 due to COVID-19.
Although the Employee Retention Tax Credit was originally created to support businesses that kept staff employed, it can also be used now to rebuild or change your workforce. Business owners have the potential to claim thousands of dollars through the ERTC program, and that money can be used for a lot of purposes – including hiring new employees.
If you apply for the ERTC and your application is accepted, you’ll eventually receive a credit from the IRS. Depending on the size of your credit, you may have a good amount of money to hire more people. Expanding your staff is an obvious way to rebuild your workforce, and it also gives everyone already on staff room to grow and innovate at your company thanks to the ability to apply less pressure on the employees already on your team.
You can also reimagine your workforce with the help of the ERTC by building out entirely new departments or projects and hiring new people for them or promoting from within. You could also choose to use ERTC funds for staff development, offering yet another way to reimagine what your staff looks like and what they can provide to your business.
Through staff development initiatives, you can bring in workshops or guest speakers to work with your staff. This can help them build their skills and potentially add more value to your company.
You can also fund new educational programs or offer ways for your staff to continue their education outside the office with the help of Employee Retention Tax Credit money, too. When it comes to leveraging the ERTC to rebuild or reimagine your workforce, the sky’s the limit.
Call Dayes Law Firm for ERTC Assistance
But first thing’s first – applying for the ERTC. If you’re unsure whether or not your business is eligible to claim the Employee Retention Tax Credit, our team of tax professionals can help you determine that.
If your business can apply for the ERTC, our firm can also help you with every step of that process. Our clients have already received over $25 million in funds for ERTC claims, and we help more businesses all the time. We’d be more than happy to assist you and your business as well.
Please get in touch with us today to see how Dayes Law Firm can help your business with the ERTC. We offer a free, no-obligation consultation to discuss the unique circumstances of your business and to figure out exactly what you need from us to turn in your strongest possible ERTC application.
Call (800) 503-2000 today to see how the experienced ERTC team at Dayes Law Firm can work with you on your Employee Retention Tax Credit claim!