Recent amendments to the CARES Act are bringing financial relief to many U.S. restaurant owners through a new tax credit called the Employee Retention Tax Credit.
U.S. restaurants are taking advantage of the Employee Retention Tax Credit (ERTC) - a little-known addition to the CARES Act - to receive much needed financial relief through eligible tax refunds.
ERTC Refund Assistance is helping restaurant owners, in the United States, to recover from serious financial losses suffered during the pandemic, by taking advantage of a recent amendment to the CARES Act.
The ERC or Employee Relief Credit was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, in March 2020 to help businesses retain their employees and avoid layoffs during the pandemic. The ERC was recently amended, substantially increasing funding amounts and broadening eligibility for U.S. businesses. Non-profits and start-ups are also included.
For example, prior to the amendment, businesses were either eligible to receive PPP loans or the ERTC, but not both. Now the latest changes allow business who took advantage of PPP loans to still receive tax refunds via the ERTC.
Furthermore, there are no requirements to repay because these are refundable tax credits, not loans. Also, there are no stipulations on how the monies are to be used by the business.
More information is available via https://www.ertcrefundassistance.com
Unfortunately, very few businesses know about the recent changes to the CARES Act and are not taking advantage of the Employee Retention Credit. ERTC Refund Assistance is working to inform as many restaurant owners as possible about this opportunity because of the financial hardships so many businesses endured during the pandemic.
Calculations to determine eligibility and funding amounts can be complex and may deter many businesses from taking advantage of this tax credit. ERTC Refund Assistance has a team of tax professionals who specialize in filing the necessary paperwork to claim these tax refunds on behalf of business owners. The process for claiming the ERC involves amending a businesses’ quarterly 941 form(s).
The Employee Retention Tax Credit is providing financial relief to many businesses who were negatively impacted by the pandemic. A spokesperson says, “Restaurant and business owners should definitely take the time to learn more about the ERTC. The Employee Retention Credit was created to help business owners to recover from the adverse economic effects of the pandemic.”
U.S. restaurants and other business owners interested in seeing if they qualify for an ERTC refund can visit https://www.ertcrefundassistance.com
