With many businesses continuing to face the repercussion of COVID-19, there are still opportunities to receive additional cash to help support your business. The benefits that businesses are experiencing from the Employee Retention Credit (ERC) have been astounding. If your business has not investigated this credit, time is of the essence. Although the ERC calculations can be meticulous (especially for businesses that received a PPP loan), the potential benefits that practices had seen are worth examining. We have worked with many business owners in the healthcare industry (medical, dental, veterinary practices, and others) to help calculate and claim this credit.
Some examples of the Employee Retention Credits realized include:
- Small dental practice with eight employees will benefit from a credit of about $19,000.
- Optometry practice with 23 employees claimed a little over $70,000 in credit.
- Medical office with 39 employees claimed a credit close to $160,000.
If your business has faced a significant decline in gross receipts in 2020 and 2021 or was forced to shut down or modify services due to the governor’s mandates, you may qualify.
The ERC can be substantial and help you continue to succeed in these uncertain times. Our ERC team has the knowledge to determine the qualifications, feasibility, help calculate the credit, and claim it.
If you have any questions about how the information in this article may affect you or your business, please reach out to our specialists using the form below.