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OnCentive simplifies the process of identifying and qualifying for business incentives and tax credits; maximizing your business’s profitability, and putting your hard earned money back in your hands so you can use it to grow your business.
SHANNON SCOTT, ONCENTIVE CEO, WILL BE SPEAKING IN THE FOLLOWING THEATRE:
Theater 8 - Thursday 14.00 - 14.30: From Surviving to Thriving: Financial Recovery Through Federal Disaster Relief Tax Credits
When natural disasters occur, employers are faced with tough decisions to keep afloat. Reducing overhead often involves evaluating whether to retain employees. It’s vital to be informed about Federal disaster relief programs, like the Employee Retention Credit, which offers financial incentives for companies who keep employees on payroll. Learn how these programs can financially benefit your business.
DISASTER EMPLOYEE RETENTION CREDIT
The Disaster Employee Retention Tax Credit is a federal income tax credit designed to encourage employers to retain affected employees after any of the 59 eligible 2018-2020 natural disasters in 28 states and territories across the US.
- This credit is worth up to $2,400 per qualified employee and offsets your business’s federal income tax liability.
- Eligible businesses qualify for continuing to pay their employees during the time-frame that the business was impacted by the disaster.
- The credit allows qualified wages paid up to 150 days after the end of the disaster incident date.
- Eligible Businesses are those with a principal address or worksite location in one of the affected disaster counties, impacted adversely by the disaster, and retained employees during the impact period.
COVID-19 EMPLOYEE RETENTION CREDIT
As part of the CARES Act, the Employee Retention Credit (ERC) was introduced by Congress to reward businesses that kept employees on payroll during the pandemic. The credit is worth up to $5,000 per employee in 2020 and up to $7,000 per employee per quarter in 2021 (for the first 3Q's), resulting in a maximum credit of $26,000/per employee.
If your business experienced one of the following, you may qualify:
- Experienced a reduction in revenue
Interruptions to normal business
- Inventory price increases
- Lack of inventory from vendors
- Had operations partially or fully suspended due to government order
- Change in operating hours
You can still qualify even if:
- Your business took the SBA PPP Loans and/or qualified for forgiveness.
- Your organization is a certified (c)(3) nonprofit.
- Your business was deemed essential and never closed its doors.
- Your business was profitable during the pandemic.