Concerns have been raised that many companies in the woodworking industry might be missing out on eligibility for a tax credit program that came out of pandemic relief efforts passed by Congress.
The Employee Retention Credit is a program of the CARES ACT passed by Congress during the COVID pandemic. Sister programs PPP & EIDL are now ended, but ERC remains available. Companies that qualify for ERC can obtain up to $26,000 per W-2 employee. Many businesses have not yet applied for ERC.
“There are many reasons why companies have not yet taken advantage of the ERC program,” said Shawn Maberry, owner of RSA Solutions. Inc. “That includes lack of awareness, revenue didn’t decrease, CPA told them they probably didn’t qualify, fear it is a scam, or because they received PPP. None of these are valid reasons for not qualifying.”
Maberry said RSA Solutions offers a free, no obligation call to help businesses learn how to qualify and what the processes are to receive funding. You can schedule here.
Are you missing out on ERC tax credits?
.
Have something to say? Share your thoughts with us in the comments below.