Business Affected by COVID-19?

[larry5617574]

 https://vimeo.com/507784413

[ogdenkyliesbb]

I do not know who has how, but my business was not affected during COVID-19. Of course, due to some prohibitions, there were problems with earnings, and I really wanted to start cutting employees. Still, I was sorry to leave them without a job. But I ran into specialists in predicting the future of your company, who, you can say, helped me. Yes, I spent some of my money on employee salaries. Still, I reduced these salaries since no one was working at that time. So, this is the story of my business during COVID-19, and I would like to hear other stories.

[larry5617574 · Accepted solution]

You may wish to take 30 seconds to visit erc4business.com

It could mean up to $33,000 per employee that you had in 2020 and 2021

This new legislation may not be extended beyond Des 31, 2021

ERC = $33,000 per employee

[ogdenkyliesbb]

My business also wasn’t affected so much due to covid-19. I worked as a trucker but now I have my own network of best factoring companies for trucking. They have a highly specialized understanding of the trucking world and are there to keep your business moving forward. To keep your fleet going fuel, repairs, vehicle leases, and other expenses are a weekly concern when freight is constantly on the move. Trucking factoring companies are there to help you support those cash flow needs and offer many other benefits about which you can read here: factorforyou.com.

[albertmortensen]

I also started a small business 5 years ago. I started it more because it is an excellent way to build generational wealth for our loved ones. This is the main reason to teach our children how to manage money with hands-on experience. For 2 years, our business was doing very well, but after the pandemic started, everything stopped, and it almost went bankrupt. But I turned to specialists to make a good strategy to cope with the pandemic. I am glad that we succeeded, and now our business is still active. But I am very sorry for those businesses that did not cope with the pandemic and lost time and money.

[larry5617574 · Accepted solution]

Note for those who did not enroll for the ERC when the level of benefit was $33,000 for each W2 employee they had, in late 2021 it was reduced to $26,000 and is still in affect, so your business can grab their benefits now.

What happens when you make use of ERC for your W2 employees?

We screen each employee you HAD in 2020 and each you HAVE in 2021 and can capture up to $26,000 per employee. For a 30 person company, that's $780,000!

$780,000 net ... offsets a lot of hardship. It offsets a lot of rising salary costs ... it can help save existing positions, buy new equipment, prepare for hybrid work environments, expand their business, or help to keep the lights on.

Either way, ERC is a credit that every company should be taking advantage of. 

To be eligible your business just had to be affected by Covid in someway. This can be as minor as having to close for a day, requiring appointments, a reduction in revenue because your clients were affected, restriction of operating hours etc. As you can see, the requirements are pretty broad since they set aside $5.1 Trillion for the ERC program for US business owners. These changes are the latest effort to stabilize the economy and provide emergency relief regardless of past programs you may have participated in (including PPP). The ERC is not a loan, nor a grant.

First, employees who receive a W-2 are paid through their employer's payroll and have their payroll taxes withheld throughout the year. Now, the ERC tax credit is applied against employment taxes for the business, offsetting most if not all liability in employment tax. What happens if your credit is more than you owe in employment taxes? The IRS sends you a check back for the difference! We work very closely with your CPA/accountant/auditor.