Businesses big or small are struggling to meet the loss they have faced after the lockdown due to the pandemic. The unemployment rate has been on the rise since the lockdown. Businesses are in the darkest phase of their life. To rescue these businesses from running out of business, the government has introduced ERC or Employment Retention Credit. The employers need to submit the ERC to claim the taxes. But the process of receiving ERC is not very easy. You need to do a lot of work to get the benefits. You can contact an ERC specialist who can guide you through the whole process. Get help filing for ERC by contacting an ERC specialist.
Why do you need an ERC specialist?
An ERC specialist will have a lot of experience with the methodology of ERC. It is claimed that filing for an ERC is a complex process. You being a business owner might not get enough time, do not understand the legalities or you might have other things in hand, dealing with all the paperwork must get hectic for you. An ERC specialist has the experience and they are habituated to handling such cases. They will take away the headache of the whole process while you concentrate on the other aspects of your business. If you decide not to hire one such person to handle the ERC process, you can lower your chances of getting suitable credit.
How to know if a business is eligible for ERC?
ERC is a government program to help existing businesses and new start-ups to recover from the loss that they have faced due to the Covid-19 lockdown. If you have a business and you want to apply for ERC you should have the following criteria:
- For the year 2020 ERC, you need to show your business’s gross revenue has decreased by 50% from the gross income of 2019.
- For the year 2021 ERC, you need to show that your revenue has suffered a loss of 80% from the revenue generated in 2020.
Conclusion
Do not worry if you have got your hand on an ERC specialist. They are experienced and will do all the needful so that you can receive a sizable claim. You can go for referrals to get in touch with an ERC specialist. If you do not have referrals, head over to Google and get information about ERC specialists in your area.
