There have been few forces as destructive for businesses across America and the world as COVID. The pandemic effectively shut down hundreds of services, leaving businesses without workers or clients in many cases. Clearly, this was a massively harmful event, but there were attempts to alleviate this.
The Employee Retention Credit is one example of an attempted alleviation. This tax credit was designed for businesses to keep their employees on the payroll across the pandemic. For any businesses that suffered from COVID, this credit could save tens of thousands per employee. In 2021 this program ended alongside, effectively, the pandemic. Yet the funds that businesses are owed are still up for grabs.
Of course this credit won’t apply to all businesses. Once a business has qualified their employees, wages, and position, they can start to look at the tax credit. Those that were particularly hurt by COVID, select organizations, and those with mandated changes by the government are most applicable. In terms of organizations, think nonprofits, universities, hospitality, and construction.
Businesses, through tax amendment, even today, can acquire the credit. Employment has been in a state of fluctuation since the pandemic. Businesses that managed to keep their employees deserve to be rewarded for that action. In a time where keeping a business afloat is so challenging, it’s essential to take whatever opportunities are offered.