Like many businesses and organizations across the Frisco area, 2020 was a trying year for the Frisco Chamber of Commerce as we struggled to maintain income and…where possible…..retain our employees. One area that has helped a lot was in looking into and taking advantage of the Employee Retention Credit (ERC). I was very surprised at how much it could benefit us, and I am betting many of you could also benefit from this program!
While I had heard of the ERC, I had questions about whether or not we would qualify, and I also did not think that any payroll tax credit would add up to much. After meeting with the folks at Tax Credit Collective, we learned otherwise!
“We are helping businesses, such as the Frisco Chamber, capture the ERC in North Texas and beyond,” shared Lindsay Polyak, Principal at Tax Credit Collective. “At up to $5,000 per employee in 2020 and $7,000 per employee per quarter in 2021, we are talking big dollars that can impact small to midsize businesses.”
What is the Employee Retention Credit (ERC)
To help businesses retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit (ERC) for 2020. The ERC is a refundable payroll tax credit for “qualified wages” that were paid to retained full-time employees between March 13, 2020 and December 31, 2020. The credit was been extended through December 2021 via the Rescue Act.
“Coming from a family of local small business owners, we believe smaller businesses should have every opportunity to level the playing field by accessing the same incentives their larger competitors enjoy,” said Joshua Massoud, J.D., Managing Principal at Tax Credit Collective. “To that end, we eat, sleep and breathe tax credits.”
Again, we thank Lindsay Polyak and Tax Credit Collectives for assisting the Frisco Chamber of Commerce. The additional funds helps us continue to be an essential organization, supporting and allowing our business community to recover and emerge stronger than ever! I would urge everyone to visit with your CPA/accountant or talk to the folks at Tax Credit Collective to see if your organization can still take advantage of this program!