When the pandemic hit, he rallied his team and found a way to keep everyone on payroll by offering take-out through apps like Uber Eats and DoorDash, and streamlining their menu to focus on what was selling. PPP loans were a lifesaver and helped him keep his employees and pay the bills.
Fast forward to April 2022, Jim was able to claim the Employee Retention Credit, a tax credit of $237,000 for retaining his employees.
His accountant initially told him he wouldn't qualify, but after consulting ERCMaxCredit, he learned that he did qualify due to government mandates which forced him to operate differently.
Jim's story serves as a reminder that there are opportunities for business owners, even in tough times. If you're a business owner who has been impacted by the pandemic, know that there is an opportunity to claim the Employee Retention Credit.
Schedule a complimentary consultation: