With the impacts of the pandemic still being felt and the financial uncertainty of our economy rattling small businesses, it is vital that businesses investigate ways to increase their bottom line without increasing their workload. One avenue that every employer should explore is the many tax credits and hiring incentives that the government offers businesses for hiring and retaining employees.
The Employee Retention Credit (ERC) is a program that was put into place by Congress to help employers recover from the COVID-19 pandemic. This refundable payroll tax credit is available to most employers, including non-profits, and is worth up to $26,000 per W-2 employee for 2020 and 2021.
Unlike the Payroll Protection Program (PPP), the ERC is not a loan and never has to be paid back. Additionally, in most cases, it acts as a cash refund and does not need to be allocated towards certain expenses. Even if your business took first and/or second rounds of PPP, did not experience revenue decline, or suffered supply chain impacts, your business is most likely eligible to receive ERC.
This lucrative credit can have a major impact on businesses. One OnCentive client, a steakhouse restaurant with 5 locations and approximately 180 employees, received almost $2 million from the ERC despite having received around $245,000 in PPP loans. These funds provide valuable resources needed to continue and accelerate business.
Like the Immediate solution, having OnCentive take a look at your eligibility is absolutely free. OnCentive works off success-based fees, so if we don’t find you any credits, you owe us nothing. In addition, OnCentive has recently teamed up with a trusted financial partner so now businesses can receive their ERC funding within weeks versus waiting 6-9 months or more on payments from the Internal Revenue Service (IRS). To learn more about ERC and receive a 100% free eligibility assessment: visit oncentive.com.
OnCentive is the nation’s leading profitability and compliance consulting firm. Leveraging their leaderships’ 100 years of combined credit expertise and their state-of-the-art custom technology, OnCentive helps businesses maximize government incentives and tax credits. OnCentive has helped their clients capture over $2 billion in government incentives & recovery programs, like the Covid-19 Employee Retention Credits, as well as other federal and state incentive credits like the Work Opportunity Tax Credit, Research and Development Tax Credit, Disaster Employee Retention Credit, and many others.
Written by: Vanessa Tyndall, Executive Vice President of Marketing at OnCentive