The last two years of trying to keep businesses afloat in a pandemic have been difficult for everyone − even more so for small- and medium-sized businesses (SMBs). Worker shortages, supply chain problems, changes in spending habits and what seems like a never-ending list of challenges have had a huge impact on those just trying to make a living.
According to the World Economic Forum, 99.9% of all businesses in the U.S. qualify as small businesses, collectively employing almost 60 million Americans. As these businesses struggled to adapt how they do business in the pandemic, the Federal government funded the Paycheck Protection Program (PPP) and Employee Retention Credit (ERC) programs to help SMBs stay open and continue paying their employees.
According to Forbes, the IRS anticipated that 70%-80% of SMBs and tens of thousands of charities would apply for and benefit from the ERC. The actual numbers, though, are far lower than that. Employers at these companies and charities have left billions of dollars on the table − up to $26,000 per employee based on payroll taxes.
Jay Woods, Founder & CEO of Omega Accounting Solutions,
discusses who may still be eligible for ERC funds, how to take advantage of the tax incentive, which industries are most likely to benefit from the ERC, plus how the rules have changed this tax year from last.
This interview opportunity is paid for by Omega Accounting Solutions.