The strength of the country depends on its estimated 33.2 million small businesses, which represent 99.9 percent of all American businesses. COVID threatened, and in some cases forced, the closure of many small businesses, and tens of thousands are still recovering from the full impact of the pandemic.
In an effort to provide some relief, the federal government created the Employee Retention Credit (ERC) program under the IRS, which has already helped thousands of qualified businesses receive up to $26,000 per employee. Unfortunately, not all small business owners are aware of the program. Others do not believe they qualify, leaving billions of dollars on the table that could help them recover and continue moving forward.
Companies like ERC Helpdesk, www.erchelpdesk.com, have been created to help small businesses determine their qualifications and navigate the ERC program. Now is the perfect time for business owners across the country to check if they meet the criteria.
A small business can receive an ERC even if it received PPP. The program is flexible enough that most businesses are likely eligible. The average claim amount is $150,000, but there is no limit on the amount.
“I was the owner of a marketing company that assisted dozens of small business owners, so I witnessed firsthand the challenges and the effort involved in taking such a big risk,” said Greg Ross-Smith, Chief Marketing Officer of ERC Helpdesk. “Our founder was and continues to be a small business owner, who was initially told that his business did not qualify for an ERC and found no one to explain the program. When he finally learned about the details of the program and the actual qualifications, he not only applied for and received the funds but decided to create a way to help other small business owners take advantage of the available funding for their businesses.”
Here are the basics to see if you qualify:
• Your business is located in the United States.
• You maintained and paid W2 employees during 2020 and 2021.
• Your business was impacted by COVID restrictions in one or more of the following ways:
1. Revenue loss
2. Supply chain disruptions
3. Full or partial closure of your business
Now a growing industry, ERC companies are popping up everywhere, so be careful who you work with. Ideally, work with a company you know, or at least one that understands the needs and inner workings of a small business. It often helps to work with a smaller, accessible ERC company that will work with your submission in a personalized way. Bigger is not always better in this industry. Of course, partnering with a company that maintains a high approval rate for its clients is a critical evaluation point, as many companies can waste your time and create false expectations simply by submitting anything, knowing that the chances of success are slim. Finally, as much as you can determine, work with a company that will process your application as quickly as possible, focusing on reducing errors that can delay the process.
“So many small businesses are built organically, with the involvement, support, and hard work of family and friends. As a result, we understand the investment of time, resources, and relationships in every business we work with,” said Ross-Smith. “In the ERC business, integrity, trust, and customer service are what matters, and that’s what I would recommend all applicants consider when evaluating their eligibility for the program. Our sole goal is to help them qualify and then maximize their efforts and the value of the compensation they receive.”
Source: StatePoint