Since March of 2020, business owners have been living through one nightmare after another.
Some new start-up businesses didn’t even have a chance to get their feet wet before everything came crashing down around them!
Whether it was because of limits on capacity or operating hours, supply chain issues, or having to shutter their businesses entirely, most business owners have been severely affected by the policies imposed during the pandemic.
And after everything that’s gone on over the last few years, businesses are still struggling to stay afloat.
For example, as I pointed out in my last article on the employee retention credit, the lockdowns and other public health policies we’ve seen in recent years have resulted in a record number of business closures, and even two years later, in March 2022, millions of Americans were still out of work due to pandemic restrictions.
The impact of these policies continues to be felt to this day, but luckily, there is hope, as business owners can still apply for the employee retention credit.
Also known as the ERC credit, this tax credit was created to give business owners incentive to keep their employees during the pandemic, and I’ve used it to help hundreds of business owners gain access to life-changing and business-saving assistance.
However, there is a limited amount of time to apply for this credit, and the longer you wait, the less assistance you’re likely to receive.
Fortunately, the process is fairly straightforward, and should you choose to work with Quantum Ascendance, I will be there to assist you.
So, if you’re looking to apply for this pandemic relief program, and you want to learn more about it, then you’ve got to keep reading.
Because in this article, I’m going to talk about why the ERC credit has been such a saving grace for businesses, offer some anecdotes on how it’s allowed me to help business owners, and explain why you should apply for it now before it’s too late.
If you’d like to learn even more about this credit, how it works, and what you’ll have to do to apply, you should check out my article on What You Need to Know About the Employee Retention Credit.
Why the Employee Retention Credit Has Been Such a Saving Grace
Sadly, more than two and a half years after the pandemic started, a lot of business owners are still struggling to keep their heads above water, or have already gone out of business entirely.
This is especially true for small businesses, many of which were completely wiped out because they’ve been unable to do business in the way they normally would, if at all.
That being said, it’s not all doom and gloom out there, and there have been several pandemic relief programs created to give business owners some much-needed assistance.
But why has the employee retention credit, in particular, been such a saving grace, especially for small business owners?
Well, first of all, this is a tax credit, not a loan, which means that there are no stipulations on how the money can be spent.
It’s real cash – not something that goes toward future spending – and you couldn’t pay it back even if you wanted to.
At the same time, there’s no limit on how much you can receive, and even if you’ve taken advantage of other pandemic relief programs, closed your business during the pandemic, or made more money in spite of the pandemic, you’re still likely to qualify, so long as you kept your employees during COVID.
In addition, after going back and reassessing all of your quarterly payroll taxes, the government will pay you interest on whatever you overpaid during the pandemic.
What’s more, there is actually no cap on this funding, only a deadline for when people can apply for it.
Why You Should Apply for the Employee Retention Credit as Soon as Possible
As I said above, there is literally no limit on the funding for the ERC credit.
But there is a limited amount of time to apply for it, and that window of opportunity is getting narrower by the day.
You only have three years to file amended returns for 2020 and 2021, so time is of the essence.
But how does this work?
Well, the payroll from Q2 of 2020, for instance, would have to be filed no later than Q2 of 2023.
I should also mention that there’s been a lot of pushback regarding this credit from accountants, for example, many of whom will tell business owners that they won’t qualify for the ERC credit because they made too much money during the pandemic, but this is no longer accurate.
Truth be told, many accountants are not familiar with how the employee retention credit works, or are unaware that the rules have changed.
But the fact of the matter is, as of 2021, even if you made more money during the pandemic than you did beforehand, you can still qualify.
And even some of the larger payroll companies, such as QuickBooks, ADP, and Paychex are now starting to help their clients get this refund, as well.
So, no matter what your accountant or CPA has told you, if you owned a business during the pandemic and were able to retain your employees, you’re most likely going to qualify, as practically every single business has been affected.
At any rate, it’s definitely worth your time to work with me and apply, as the process only takes about 45 minutes, and if all goes well, you can just sit back and wait to collect your funds.
How My Clients Have Benefited from the Employee Retention Credit
To date, I’ve helped over 190 business owners apply for the employee retention credit, allowing them to receive a total of more than $37 million.
This makes my heart so happy, as I’ve been able to help many people secure funding that’s literally changed their lives.
For example, I was able to help a restaurant owner apply for this credit, and they were ecstatic to find out that they qualified for more than $550,000!
This is going to allow them to buy much-needed equipment, hire more people, and give employee bonuses, not to mention soften the blow of the record inflation we’ve been seeing.
Another person I worked with, who sold their business at the end of 2020, was able to take full advantage of the fact that there are no stipulations on this funding. They used the money to travel, and they’ve even been sending me pictures from the road!
What’s more, I worked with another client who owns a landscaping company, and with the money he got from the ERC credit, he was actually able to buy another landscaping company, on top of purchasing new vehicles for his business and hiring more employees.
I was also able to work with the owners of a rehab facility, helping them to receive more than $700,000 in tax credits, which has been an absolute game-changer for them.
In addition, I’ve worked with tons of other business owners who have been able to do things like give their employees salary increases and bonuses, pay down debt, and more.
At any rate, helping business owners to apply for assistance that could very well save their businesses has been incredibly fulfilling for me, especially as someone who loves to help others.
That being said, if you’re in need of this kind of assistance, I’d love to help you apply, as well.
Do you want to apply for assistance from the employee retention credit, but you’re not sure how to go about doing it? Contact us today to find out how we can help you apply for this lucrative tax credit.
Business Legal Concerns, Business Management