COVID-19 caused suffering and hardship for millions of Americans. Its impact on business is immeasurable. People lost jobs and businesses suffered severely.
To help businesses resume normal operations and recoup some of the losses incurred over the past three years, the U.S. government has created The Employee Retention Credit program. (ERC)
This program was designed to compensate business owners for their losses incurred during the pandemic It pays business owners approximately $26,000 for each employee even if the business received PPP funds. It is not a loan and does not have to be paid back.
According to Sharon Davis-Edwards, President and CEO of S.J. Edwards, Inc., a New York-based financial services and employee benefits firm, ERC has been a major financial shot in the arm for businesses of all sizes, yet many businesses have yet to apply for ERC.
“This is so puzzling. The money is there to help business return to normal. For some reason, people don’t understand this program and are skeptical of it.”
In the past year alone, Davis-Edwards’ company has helped businesses across the state and country recoup millions of dollars. “People don’t believe it until they receive a check,” Edwards said.
Does Your Business Qualify?
Criteria for ERC Qualification
• Did COVID-19 impact your business?
• Were you unable to get crucial supplies to operate your business?
• Did you have to shut down?
• Let go of employees?
• Did your business lose money in 2020 and 2021 compared to 2019?
• Do you have at least one W-2 employee on the payroll?
If any of these apply to your company then you could qualify for the Employee Retention Tax Credit offered by the US government.
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