The pandemic, although a force of destruction for countless businesses, also spurred on countless new programs. Many of these represent positive changes and legislation even to this day. Yet even more were simple and temporary attempts at alleviation that no longer apply.
The Employee Retention Credit falls under the ladder category. It was a credit designed to help businesses that were hurt during the pandemic, rewarding them for paying employees. Officially, the program ended in 2021, yet there are countless businesses that applied and simply didn’t file for the credit. Luckily, the funding is still available, and through a simple amendment thousands in credit are available.
It’s not hard to file for the retention credit either. Businesses that were shut down at any point, that lost revenue, that were opened in the pandemic, these all apply. The major requirement, and what the credit is based on, is qualifying wages. If employees weren’t working but were paid, they automatically apply. Yet depending on the business the credit can be applied to all employees.
This makes it a powerful supplement to any small businesses today. It was certainly not easy for a small or new business to survive through the pandemic. The Employee Retention Credit is just one of many attempts to help these survivors. Yet it is one of the least utilized. For any businesses that can serve to benefit, make sure this isn’t such a forgotten credit. It’s money just waiting to be awarded.
