Building a Stronger Future: Supercharge Your Business with the Employee Retention Credit

As a small business owner, successfully navigating the treacherous waters of the COVID-19 pandemic is an accomplishment worth celebrating. With an estimated one-third of small businesses forced to shutter due to the crisis, your resilience shines bright. Amidst the chaos, a lifeline emerged in the form of government assistance programs and credits, designed to help businesses keep their doors open. One such program, the Employee Retention Credit, has played a vital role in bolstering businesses through financial relief and incentives. Let's delve deeper into this essential support system.

As a restaurant owner, the partial suspension of our operations was devastating. But the Employee Retention Credit gave us hope

Unlocking the Employee Retention Credit: A Path to Financial Resilience

Introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, the Employee Retention Credit aimed to incentivize employers to retain their staff throughout the tumultuous year. Originally valued at 50 percent of an employee's wages, up to $10,000 per year, the credit has since been boosted to 70 percent. Moreover, the wage limit has expanded to $10,000 per quarter, enabling businesses to claim up to $7,000 per employee per quarter, or up to $28,000 per year.

Who Qualifies: Breaking Down Eligibility

Eligibility for the Employee Retention Credit entails meeting specific requirements. Private-sector employers or tax-exempt organizations that operated during 2020 and 2021, experiencing operational interruptions or significant declines in gross receipts, are eligible. Operational interruption, also known as partial suspension, occurs when a portion of your business had to close due to COVID-19-related lockdown orders. For example, if you had to temporarily halt in-person dining at your restaurant but continued providing takeout or delivery services, your operations would be considered partially suspended.

A Beacon of Hope: Supplementing Paycheck Protection Program Loans

Even if you received a Paycheck Protection Program (PPP) loan, you can still apply for the Employee Retention Credit. This credit serves as an additional lifeline, reinforcing the financial resilience of small businesses. By leveraging both resources, you can maximize your ability to weather the storm and emerge stronger on the other side.

Navigating the Application Process: ARF Financial to the Rescue

The Employee Retention Credit application process can be complex, but fear not - Owlsfield Financial is here to assist small business owners. Our dedicated team is committed to helping you submit your applications with ease. Whether you need guidance or have questions, our knowledgeable loan representatives are just a call away.

Real Stories of Resilience

Don't just take our word for it – here are a few testimonials from small business owners who successfully utilized the Employee Retention Credit:

1.?????"The Employee Retention Credit provided a much-needed lifeline during the pandemic. It helped us retain our valuable staff and ensured our business stayed afloat. Thank you, Owlsfield Financial, for guiding us through the application process!" - Sarah, Small Business Owner

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