Now Isn’t the Time for Congress to Get Rid of Covid Relief Tools
Congress recently ended the Employee Retention Credit, or ERC, a program put in place as part of Covid relief for businesses.
Congress recently ended the Employee Retention Credit, or ERC, a program put in place as part of Covid relief for businesses.
A provision in the recently enacted infrastructure bill that brought a retroactive early end to the employee retention credit is prompting questions and calls for guidance to help employers claiming the credit.
Manufacturers are increasingly upbeat about the emerging business environment as they look past the worst of Covid-19’s impact on sales.
Good news for businesses taking the Employee Retention Credit (ERC). A number of key House Democrats have recently written a letter
Former Reps. Rick Lazio, R-New York, and Joe Crowley, D-New York, and former Sens. Heidi Heitkamp, D-North Dakota, and Mike Johanns, R-Nebraska, released an open letter last week expressing bipartisan opposition to proposals to retroactively end the Employee Retention Credit before the end of the fourth quarter of 2021, as well as calling for more education for business owners about the ERC. They all now work for alliantgroup, a tax-consulting firm.
Today former U.S. Members of Congress, Joe Crowley, Rick Lazio and U.S. Senators, Heidi Heitkamp and Mike Johanns released an open letter expressing their bi-partisan opposition to proposals to retroactively end the Employee Retention Credit (ERC) in the fourth quarter of 2021.
Stores became mini-warehouses, parcel-drop numbers skyrocketed, and store shipping and curbside pickups became the norm — all to adapt to shifting customer behaviors. Consumers ordered more, waited less, and expected delivery in tamper-free, COVID-19-safe packaging. And yet, they remained resistant to paying extra to help share merchants’ burden of increased costs.
The Employee Retention Credit (“ERC”) is providing a meaningful (and immediate) tax benefit to tens of thousands of small and medium-sized businesses (as well as tax-exempt entities) across the country as business owners seek to keep their doors open and make new hires in the face of the pandemic.
The Employee Retention Credit (ERC) originally was introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020, and since the passing of the Consolidated Appropriations Act of 2021 in December 2020, this provision has been expanded significantly to reward more business owners for keeping employees on the payroll throughout the pandemic.
Recovering from the devastating impact of COVID will prove to be a long journey for the restaurant industry. Recent data shows that sales are $240 billion below normal, 8 million employees have been laid off or furloughed, and over 110,000 eateries closed for good in 2020, and it’s evident the way back to pre-crisis level of sales and employment will not be straightforward.