The Employee Retention Credit (ERC) was a tax credit created by the US government to help businesses financially impacted by the COVID-19 pandemic. While the credit itself is no longer available for wages paid after September 30, 2021, some businesses may still be eligible to claim credits for eligible wages paid earlier in the pandemic.
Here are some ERC Business Solutions that can assist small businesses:
ERC Eligibility Assessment: These solutions help businesses determine if they qualify for the ERC and calculate the potential credit amount they can claim. Enterprise can do this through online tools, consultations with tax professionals, or specialized ERC service providers.
ERC Claim Preparation and Filing: Once eligibility is confirmed, businesses need to prepare and file the necessary forms to claim the credit. ERC Business Solutions can assist with this process, ensuring accuracy and maximizing the credit amount claimed.
Audit Defense: In the case of an IRS audit, ERC Business Solutions can provide representation and support to ensure the proper defense of a business's claim.
Funding Advance: Some ERC Business Solutions offer funding advances to businesses while they wait for their ERC refund from the IRS. This can help bridge cash flow gaps and support ongoing operations.
It's important to note that consultants typically charge fees for their ERC Business Solutions. Make sure to compare different options and choose a reputable provider with a proven track record.
ERC Small Business Grant in Maryland, USA
The Maryland Department of Commerce offers a few grant programs that may be helpful for small businesses. Here are a couple of possibilities for ERC Small Business Grant:
Maryland Small Business Relief Tax Credit: This credit provides a refundable tax credit to small businesses that provide paid sick and safe leave to their employees. To qualify, businesses must have 14 or fewer employees and provide paid sick and safe leave in accordance with the Maryland Healthy Working Families Act.
Maryland Business Innovation Initiative (MBII): This program provides grants and loans to support the growth and development of innovative small businesses in Maryland.
Maryland Department of Commerce Funding Opportunities: The Maryland Department of Commerce website lists a variety of funding opportunities for small businesses, including grants, loans, and tax credits. Enterprises can search the database by industry, program type, and other criteria to find programs that may be a good fit for your business.
A consultant can help small businesses identify and get the benefits of IRS provisions for the ERC available for them.