As a Business Coach, I have seen firsthand how the pandemic has impacted small companies. PPP was a band-aid. EDIL loans helped, but the Business owner is responsible (often personally) for principle and interest. The length of the term sounds inviting but don’t confuse temporary cash flow for profits. Consider that you will need more monthly profits to repay this long-term loan.

The Employee Retention Credit is the last opportunity to tap into Government funding allotted to help small companies through the aftershock of Covid 19. For many companies, this credit could total as much as $26,000 per employee. That is real money (not a loan) you can invest in your business immediately. The company or the owner does not have to pay ERC back.

However, some conditions apply to qualify for this capital. In some cases, a 20% – 50% drop in sales compared to 2019 is enough, but other factors might allow you ERC, including supply chain interruption and dates you closed due to the pandemic.

DO NOT miss this opportunity, as it goes away in early 2024. Reach out to your accountant today but beware that some might be too busy to research this thoroughly; it is your money, so go online and read everything you can about it.

Some privately held companies will submit and track all the paperwork for you for a percentage of your ERC payout. I don’t have an opinion, but it might be worth exploring. Trust but verify. If they want any money upfront, it is a warning not to pursue with them. Remember that if they mislead the Government and mis-represent you, you will be liable.

Don’t wait – DO NOT MISS this opportunity.