How Can ERTC Support Green Initiatives in the Tech Industry?
The Employee Retention Tax Credit (ERC/ERTC) is a refundable payroll tax credit that acts as an incentive for eligible businesses that kept people on staff during the height of the COVID-19 pandemic back in 2020 and 2021. Businesses that qualify to claim it may see a significant refund that they could put towards all sorts of initiatives.
But what about green initiatives? Can businesses in the tech sphere take advantage of this tax credit to “go green?”
How the ERTC Can Support Green Initiatives in the Technology Industry
The ERTC is for, “Businesses that continued to pay employees while either shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020, to Dec. 31, 2021,” according to the IRS.
More specifically, your business must have experienced fully or partially suspended operations due to government orders between those aforementioned dates to be eligible for the ERTC – or, if your business underwent a substantial decline in gross receipts during a quarter in that time period as compared to the same quarter in 2019, it may be eligible to claim the Employee Retention Tax Credit.
For 2020 wages, businesses can claim up to $5,000 per employee, and for 2021, the credit can earn you up to $7,000 per employee per quarter, for a total of $21,000 for 2021. That means business owners could potentially receive up to $26,000 per employee!
That money can be used for all sorts of initiatives and upgrades for your technology industry business. You could use an ERTC refund to increase employee wages, boost marketing, pay off debt, and so much more.
One area you might want to consider investing those funds is in green initiatives. This could be as simple as upgrading your temperature control and management for your company’s building to smart technology. Regulating temperatures can reduce electricity use and help better protect the environment – not to mention, ultimately save you money on energy bills.
You could also upgrade equipment to make it more energy efficient or look into 3D printing if you make products that can be produced in that manner. Going paperless could also be a great green initiative to consider, and one that makes a lot of sense in the technology industry anyway.
You can do further research into green endeavors your business could consider, or work with an expert in green initiatives to see how your tech company may best benefit in the area of “green” upgrades. And whatever your options are, with the support of a healthy Employee Retention Tax Credit refund, you can make it all happen.
Get ERTC Assistance from Dayes Law Firm
If you haven’t yet applied for the ERTC on behalf of your business in the technology industry, we can help. Dayes Law Firm can help you determine if your business qualifies in the first place and then help you move forward with the claims process.
The team at Dayes and the firm’s partners have already helped many business owners file for more than $250 million in refunds so far, and we’d be honored to help your business too! Please contact our firm today if you have any questions or concerns about the ERTC – we can offer a free, no-obligation consultation to discuss the needs of your business when it comes to the Employee Retention Tax Credit or other tax-related matters.
Give us a call at (800) 503-2000 to speak with a member of the Dayes Law Firm ERTC team to learn more today! We look forward to hearing from you.