Recovery Start Up Businesses

Did you start a business after February 15, 2020? Do you think that you were closed out of COVID relief grants or credits because your business was not open before the beginning of the pandemic? Great news! If you opened a business after February 15, 2020, your business may still qualify as a “recovery startup business” for the Employee Retention Credit (ERC). The credit available for recovery startup businesses equals 70% of up to $10,000 of qualified wages per employee, per quarter (capped at $50,000 per quarter). Although we are nearly a month into 2022, it is not too late to claim ERC for wages paid during the last two quarters of 2021. If you would like to learn more about ERC or would like help claiming the credits, contact our team.