ERTC could prevent 80K restaurant closures

Is it an exaggeration to say $80,000 restaurants could permanently close??

?If we ignore the employee retention tax credit, it's not an overstatement.?

?In response to the RRF update, Erika Polmar, executive director of the Independent Restaurant Coalition said “We estimate more than half of the 177,300 restaurants waiting for an RRF grant will close in the next few months as a result of congressional inaction".

What is the Restaurant Revitalization Fund (RRF)?

?Under the American Rescue Plan Act RRF money was made available to help food related businesses survive the pandemic.?Restaurants, bars, breweries, wineries and other eligible businesses could get up to $5M per location from RRF.

Woman owned, veteran owned or socially and economically disadvantage businesses get priority for this money.

?The Small Business Association (SBA) has a special online portal for submitting RRF applications.

?In order to have the RRF repayment obligation forgiven, you needed to follow certain rules, one of which was to use the funds by March 1, 2023.

?Can I still get RRF Money?

?Unfortunately, the answer is: No.

?Just 101,000 businesses were fortunate enough to get funds during the 3 weeks that the RRF had money. It is now out of money. Apparently, the federal government did not allocate enough money to cover all the pain that COVID-19 inflicted on the restaurant industry.

?177,000 additional businesses, were hoping that the funds would be replenished.

Well, if you're a restaurant or in one of the other RRF eligible businesses, you can stop holding your breath.

?After authorizing $40B in aid for Ukraine, US senators apparently lost their appetite for financing programs. The RRF replenishment legislation officially failed on May 19, 2022!

?And, according to the Independent Restaurant Coalition, half of those hoping for the replenishment money will likely fail as a result of the funding failure.

Employee Retention Tax Credit (ERTC) to the rescue!

ERTC money is still available for restaurants and other small businesses.

The Employee Retention Tax Credit was set up as part of the CARES Act, along with programs like the PPP loan. ERTC is a rebate from the IRS of taxes paid in during the pandemic in 2020 and 2021.

What makes the Employee Retention Tax Credit different is that, it is NOT a loan. It’s a tax credit in the form of a cash refund from the Internal Revenue Service (IRS).

There are no restrictions on how and when ERTC money needs to be used.

?And, since it's a rebate, it never has to be paid back!!

?What makes my business eligible to get the ERTC Employee Retention Tax Credit?

?

W-2 Employee Count

????????2020: Your business paid between 5 and 100 full-time W-2 employees.

???????2021: Your business paid between 5 and 500 full-time W-2 employees.

COVID Impact:

???????Your business operations were hindered by any type of government shutdown order.

?OR

????????You lost revenue in 2020 or 2021, as compared to 2019.

?That's it in a nutshell.

?Pandemic Startup Business Note:?

If your business started after February 1, 2020, you could get ERTC COVID relief money too!

?Of course, the federal government makes it complicated to determine how much you qualify for and what steps you have to take to collect your rebate.

Our specialty CPA firm focuses 100% on assisting businesses in applying for and collecting their ERTC money.

?Simply fill out the form at www.irsOWESyou.MONEY, so we can begin the process of getting you a quote of just how much cash the IRS owes you?

?More good news about Employee Retention Tax Credit:

?Initially you were prohibited from getting both the PPP loan and the ERTC tax credit.

For this reason, some accountants will tell you that you do not qualify for ERTC money.

However, the legislation was amended in 2021 to allow businesses to get the ERTC, even if they've already gotten a PPP loan!

?That's right, Paycheck Protection Program (PPP) loan no longer disqualifies you!

?Don't overlook this amazing ERTC news:

?Even death does not disqualify you - death of the business, that is.

?I wrote a previous article called "ERTC is life after death for business owners". And the same message still applies.

?Businesses and restaurants that were COVID-19 casualties, can still get ERTC pandemic relief money.

?Remember, ERTC is a refund of taxes you paid to the IRS in 2020 and 2021.

?Get your Employee Retention Tax Credit application in now, because government programs are notorious for running out of money.

?IRS Tax Credit Rebate and ERTC Express have teamed up to help businesses with 5 or more full time W-2 employees, to qualify, document and claim the ERTC Tax Credit Rebate of up to $26K per employee!

?

And if you're really eager to get your money and bypass the up to 10 months of IRS processing, you can take advantage of our Rapid Rebate option.

Learn more at www.irsOWESyou.MONEY

?Whether your business / restaurant has already closed, or is likely to close in 2022, or is now thriving, you can get some of the Employee Retention Tax Credit COVID-19 relief money.

?Don't be one of the estimated 80,000 restaurants that will close. Get the money that the IRS owes you.