During shutdown thousands of businesses struggled, having to close their doors, reduced income and large overheads such as employee costs.
This is a thank you from the government to businesses to help them bounce back following the pandemic.
Businesses can claim up to $26,000 per employee and this is a refundable tax credit and not a loan. The credit is targeted at small and medium-sized businesses.
Got 5 or more W2 employees and are looking to apply for the tax refund?
I Had The PPP Loans Am I Eligible For Employee Retention Credit?
Initially, businesses who had help via the Paycheck Protection Program (PPP) loan were not eligible to apply for the employee retention credit.
Since the new administration this has now changed with businesses eligible to apply for the credit even if you had the PPP loans.
The government is urging businesses across the country to make the most of this opportunity to bankroll your business.
Millions Of Businesses Are Missing Out On The Credit
To this day only 16% of businesses have applied for the tax refund; make sure you don’t miss this fantastic opportunity. The government has extended the deadline for the credit, allowing everyone the chance to apply if you are eligible.
Bottom Line…
