When the world became aware of COVID-19, no one knew what we would be facing or for how long. Ways of delivering service and products had to change to fit the restriction guidelines. Service jobs were the most brutal hit. Many adapted how they provided for their customers, and some changed what they made. A Micro Brewery in our area started making hand sanitizer, and many had to close their doors. Some could keep employees working even though it was a financial hardship because of the drop in business. They scaled back and ate into their savings. Many struggled with ways to keep their People working during this time.
When the United States descends into Crisis, Congress will try to do what it can to help. They can do this by directing funding and Federal Programs toward struggling people. Our Country has had epic times of need, and Congress has done what it could to help. The Great Depression, The Great Recession, and the COVID-19 pandemic are times when our Country could have sunk into the mud.
Keep your People with this New Idea for Business Tax assistance during our world’s Pandemic Experience. The United States government has set up a tax benefit for Small Businesses trying to keep their employees during this difficult time. It is called the ERC Tax Credit.
ERC Tax Credit
What is the ERC? It is the refundable tax credit ERC. The target of this Credit was for the businesses that continued paying employees whose jobs were shut down during the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020, until December 31, 2021. Even now, in 2023, ERC is alive. You must check it out and ensure you meet the eligibility requirements.
People it helped
I was able to visit with a building contractor who was able to apply for and receive funds that helped them get back on a better footing. He had been able to keep most of his employees during this time. What hurt him the most was the slowdown in receiving supplies. They dug into their savings and did not replace tools as they should have. When they applied for and obtained the ERC Tax assistance, they got their company back on track.
Keep your People with Other Ways to Help
Many Small businesses cannot compete with ways to help their employees. Insurance is a significant concern, and stretching the Dollar to provide for your family is difficult. This savings program might help, so look at ways to assist. Look for the resources necessary to provide for your family. As a boss, support those you need to be able to stay and work with you. This savings program will help with medical insurance, auto, grocery coupons, and travel. There are many, many things to check out. We want to provide information that may help you keep your employees.
Saving your Company
I recently heard of a company that has saved their company with this Credit. They only had three employees. In addition to the extra expenses of trying to stay afloat, this company had a loan with a floating interest rate. The tax credit received allows them to pay up the debts and refinance the note with a fixed rate. The ERC tax credit saved their company. If you meet the criteria, it could save yours too.
Suppose you want to know more. In case you want to find out more. Check out my Contact Us page and learn about this. However, if you are not ready to join, stay and see all the wonderful offers we have here.
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