How the ERTC Can Help Businesses Recover from the Pandemic
Many businesses may still be eligible to claim the Employee Retention Tax Credit and not even realize it. The Employee Retention Tax Credit (ERTC/ERC) can help businesses recover from the pandemic during a time when the whole world is still feeling some economic effects from COVID-19. If your business is one that could claim the ERTC and hasn’t yet done so, you could be missing out on real potential for future success.
The ERTC Can Help Your Business Recover from the Pandemic
The ERTC was introduced as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act in 2020 at the height of the COVID-19 pandemic. It was created to help businesses recover from the financial fallout that occurred from the worldwide health emergency.
The tax credit is available for wages paid between March 13, 2020, and December 31, 2021. If your business experienced fully or partially suspended operations due to government orders during the pandemic, or if it saw a marked decline in gross receipts between March 2020 and December 2021 as compared to the same quarter in 2019, it may be eligible to claim the ERTC.
Your ERTC claim has the potential to earn you up to $5,000 per employee for the year 2020 and $7,000 per employee per quarter – for a total of $21,000 – for tax year 2021.
That’s obviously a lot of money to leave on the table for any business, especially for small business owners. Those funds could help your business recover from the pandemic and from the ripple effects that continue even now.
Hiring, Benefits, New Projects, and More
There are a lot of ways your business could use money from an Employee Retention Tax Credit claim. For starters, you could grow your business by hiring new employees or rewarding the employees who stuck with you during the hard times with bonuses or new benefits.
Or, the ERTC funds could pay for new projects or even new departments within your business, depending on how much you are able to claim. Outdated equipment could be upgraded, or entirely new equipment could be purchased for offices or employees, or you could pay off debt from funding past projects and initiatives.
The point is, there are many ways the Employee Retention Tax Credit can help businesses bounce back from the pandemic. Even if your business came out of the health crisis relatively unscathed, most businesses dealt with some challenges during the first months of COVID-19. If you kept staff on your payroll in spite of those challenges, you deserve some sort of recognition for that.
Claiming the ERTC
If you’re interested in claiming the Employee Retention Tax Credit and discovering how it may help your business recover from the pandemic, but you’d like some assistance in making sure every aspect of your application is correct, Dayes Law Firm can help.
Between our experienced ERTC team and the partners we work with, we have already assisted many businesses with filing for over $250 million in ERTC claims so far. By discussing the unique needs of your business during a free consultation, we are confident we can help you with your claim, too.
You can get in touch with our firm by giving us a call or by filling out the form on this page to contact us 24 hours a day, seven days a week to learn more about how we can assist you and your business. We want to help you get the ERTC funds your business is entitled to and help you rebound from the financial impact of COVID-19.
Call Dayes Law Firm at 602-888-2900 or send us a message to get connected to our ERTC team today!