Take Advantage of the Employee Retention Credit (ERC)
For many of us, the only thing that got us through 2021 was duct tape, prayers, and those PPP loans and EIDL grants. Getting that extra financial support in our businesses was the difference between facing our fears and falling on our faces. The last couple of years have taken the challenge of being an entrepreneur to the next level. But it’s not all doom and gloom, we want to start 2022 with some good news. It’s called the Employee Retention Credit (ERC).
What Is the ERC?
The ERC is a refund for money paid out to payroll taxes during 2021 and 2022. It’s a less advertised series of cash disbursements being issued to help business owners keep employees on payroll. If you haven’t filed for PPP forgiveness, schedule a consultation with us today. If you’ve already filed for PPP forgiveness, it may still be possible for us to help your business access this refund. There is still plenty of time to claim the ERC whether or not you have filed for PPP loan forgiveness
How Does the ERC Work?
Business owners can get back up to $5,000 per employee in 2020 and up to $7,000 per employee for each quarter of 2021. That means if an employer with 10 employees qualifies during 2 quarters, they can get back up to $140,000! We know what you’re thinking, why doesn’t every small business know about the ERC?! Our thoughts exactly.
Taking Advantage of The ERC
We know that moving through the bureaucratic red tape of government systems is confusing and frustrating. If you can’t figure out the PPP or ERC process on your own, we can help you. We’ve made it our business to understand these processes. We’ve already helped multiple business owners claim between $15,000 and $350,000 dollars back from this process. This is a time when it literally pays to hire an expert.
At Oracle Profitability, our mission is to help your business become more profitable. The Employee Retention Credit is just one way we can help support you and your team get back to your mission. We’re hoping that your 2022 will be filled with inspiration, hustle, and the “normal” entrepreneurial challenges that we all miss. If you want help navigating the process of ERC, schedule a free call with us today.