Retail

The retail industry was significantly impacted during the pandemic. Some brick and mortar businesses initially closed due to governmental orders, only to reopen subject to suffocating capacity restrictions—or other modifications. But the retail industry still has the opportunity to access cash relief via the ERC. And unlike the PPP loans, the ERC was never limited by available federal funds, so any business that qualifies and applies can still find ERC relief!

ERC remains one of the biggest relief opportunities available to businesses that have been  impacted by the COVID-19 pandemic. ERC eligibility may arise from actual closures, operations restricted by governmental orders, or showing that the business suffered a reduction in gross receipts (50% decline or 20% decline in gross receipts for the relevant quarter(s) in 2020 and 2021, respectively, as compared to the same 2019 quarter(s)). Employers should remember: (1) the ERC is available even if they already received PPP loans, and (2) businesses that started up after February 2020 may qualify under specific ERC provisions.