Business Owners Bonus: The Employee Retention Credit
To put it lightly, the last two years has been an uphill battle for many business owners. There’s been an abundance of information about relief programs, but the details of those programs still seem to slip through the cracks in terms of reaching the folks that most need the assistance.
With that in mind, we wanted to do our part to shine a light on a program that was authorized as a part of the CARES Act. It’s called The Employee Retention Credit. Many folks don’t even know about it, with recent estimates that only 30% of the allocated funds of this $80 billion program have been claimed. Similarly, it often gets confused with PPP funds. Candidly, it shouldn’t. Unlike PPP, the Employee Retention Credit is not a loan.
For more information, here’s a couple of resources that we’d encourage business owners to look at:
IRS Website
ERC Today
This is a riskless way for business owners to learn about the program, but also determine their eligibility through it.