The Employee Retention Tax Credit (ERC/ERTC) is just one government program businesses can utilize to get a financial break in the wake of the COVID-19 pandemic. The Paycheck Protection Program (PPP) loan is also well-known, but you can still retroactively apply for the tax credit.
Here are some top reasons your business can benefit from the ERTC, and how a team like Dayes Law Firm can help you claim the credit.
Thousands of Dollars in Refunds
The ERTC is available for wages paid between March 13, 2020, and December 31, 2021. If your business is eligible, you could receive a tax credit of up to $26,000 per employee. That’s a pretty great reason to claim the ERTC.
Re-Hiring and Retention
Your business can benefit from the ERTC by keeping on long-time employees and even hiring new employees as a result of getting the Employee Retention Tax Credit funds you may be entitled to receive.
The ERTC was meant to reward businesses that kept employees on the payroll despite significant economic setbacks due to the COVID-19 health emergency. But it can benefit your employees even now by making it financially possible to continue keeping them on staff, or even to bring on new staff and grow your business.
Benefits and Bonuses
Speaking of employees, if you get a significant amount in an Employee Retention Tax Credit refund, you can give back to your employees in ways besides keeping people on payroll or hiring new staff members. You could choose to use some of that money to build out a better benefits package or offer bonuses to employees who stuck with you during the tough times.
Debt Repayment
Many businesses and individuals alike struggled during the height of the COVID-19 pandemic. Some may have needed to take on debt to stay afloat. With an ERTC refund, you could potentially have enough money to repay some of that debt and get out from underneath a major financial burden.
New Project Funding
Is there a project your team is excited about, but it’s been difficult to get off the ground due to a lack of resources like funding? Your business can benefit from the ERTC by using the additional money to bring a new project to life that could ultimately bring in increased profit and new business!
Rainy Day Fund
The COVID-19 pandemic was hopefully a once-in-a-lifetime event, but who knows when another emergency or other unexpected circumstance could occur and totally upend the market?
Even the best-laid plans can be disrupted by unforeseen challenges, and a potential ERTC refund can help you prepare for the unpredictable. Your business could benefit by taking some or all of that money and putting it aside for emergencies or a particularly bad quarter to help you weather a financial downturn. We truly hope your business will thrive and not need the funds for a major emergency in the future, but being prepared is never a bad thing.
How Dayes Law Firm Can Help
At Dayes Law Firm, our team of tax professionals has been helping businesses with tax law and assisting with tax credit applications for years. Between our experienced team and the partners we work with, we have already helped a number of businesses with filing for over $250 million in Employee Retention Tax Credit claims so far.
Please give us a call to learn more about how your business, with its unique circumstances and needs, may benefit from the ERTC. Contact us today for a free consultation by filling out the form on this page or calling us at 1-866-567-4510 to discuss your situation. Our team is ready and waiting to hear from you and help you today!