Murfreesboro, TN - Under the Federal Cares Act, which was passed during the COVID Pandemic, many businesses utilized funding from the Paycheck Protection Program to fund their payroll. The so called “PPP” funds were approved for a limited number of businesses throughout the country to help cover payroll expenses during the Pandemic. If the businesses properly used the funds for payroll, the loan was forgiven.
Another program that passed under the Cares Act was the ERC or the Employee Retention Credit program. Jake Robinson, a local Financial Advisor Fiduciary, told WGNS News that funds from the ERC program are still available. Robinson highlighted that restaurants are one of many businesses that could utilize the ERC tax credit... He said that some business owners may think they won't qualify for the ERC program because their sales grew during COVID... While some businesses increased their sales during the Pandemic, they may not have increased their profit. The cost of labor, inventory and supplies all grew during the Pandemic.
Robinson said if your business received funding through the PPP program, you can still get approved for the ERC credit. To learn more or to find out if your business can receive the ERC tax credit – Click Here. Hear a past interview with Robinson Here.
Information links:
- Forbes article about ERC:https://www.forbes.com/sites/deanzerbe/2022/02/15/employee-retention-credit---still-the-one-the-latest-update/?sh=11214ac551b8
- Bloomberg Article about ERC: https://news.bloombergtax.com/tax-insights-and-commentary/six-misconceptions-about-employee-retention-credit-eligibility
Jake's Contact Information
EMAIL: jake@terrawealth.com
PHONE: 615-249-4523
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