As time passes during this pandemic, there have been many programs like EIDL (Economic Injury Program Loan) and PPP (Paycheck Protection Program) that have been incorporated by the CARES Act to help small business owners obtain enough cash to survive.
Unfortunately, small business owners are still waiting to receive the funds from these programs. Many are frustrated that they have received no funds or support from the SBA. There is a lot of uncertainty and we understand the frustration with the small business owners who were neglected by the very programs that were supposed to help them during this crisis.
Thankfully there are ways to still survive this, you have the option to defer payroll taxes or get Employee Retention Credit. CARES Act allows you to defer the employer's portion of social security. Employee Retention Credit is a refundable tax credit that is equal to 50% up to $10 K in wages paid of an eligible business owner. If you qualify, you can fill out form 7200 to request for the credit to be reimbursed in cash.
If you're still confused or have questions about how to defer payroll taxes or to get the employee retention credit. We invite you to join our FREE webinar on April 22nd on how to do that and more so you can get the money you need to survive this crisis.