Up to 70% of Eligible Businesses Have Not Claimed the Tax Refund
FORT MYERS, Fla., March 25, 2025 -- The final IRS deadline for the Employee Retention Tax Credit (ERTC) is three weeks away, and according to industry experts, over 50% of eligible businesses have not submitted for the COVID-era tax refund. The program officially ends on April 15, 2025, and unclaimed funds will be distributed to other government programs.
The ERTC Program is NOT Like Other COVID-era Programs
The Trump administration launched the relief program at the beginning of the COVID-19 pandemic. Then, in 2020, 2021, and 2022, the IRS, under the Biden Administration, made numerous changes to the program, creating mass confusion among the nation's 33 million small and medium-sized businesses.
Worse, as the IRS tried to keep up with the changes, COVID-19 programs (PPP loans, COVID-EIDL loans, and ERTC refunds) were referred to within the tax professional community interchangeably. This is not correct. The PPP and COVID-EIDL programs were government loans based on the immediate need of the applicant to cover payroll, with little to no additional vetting. Without the requirement of corroborating information, scammers flocked to those programs.
In contrast, the ERTC was a temporary change to the U.S. tax laws for all businesses that meet the programs' qualifications. Unlike the loan programs, the ERTC is based on a refund of already filed taxes that corroborate the applicant's information. In other words, applying for the ERTC is like discovering you did not take a $20,000 tax deduction - per employee.
"There are no costs to determine if you qualify," stated Chase Henderson, President of Economic Recovery Center. Henderson continued, saying, "The qualifications are complex and have consistently changed since its launch. Regardless, we believe all U.S.-based businesses should, at a minimum, obtain a no-cost qualification analysis. After all, we are talking about a refund of their taxes, not pulling in tax dollars from others; it is literally their money that was overpaid."
Even if your business has shut down and closed since the pandemic, you may still qualify if your business was open in 2020 and/ or 2021 and you meet either of the following:
1) Did your business lose money in 2020 or 2021 (eg, you made more in 2019 than you did in either 2020 or 2021)?
Or
2) Did you have to change the way your business operated in 2020 or 2021 (eg, did you implement social distancing or had to limit the number of people allowed in a facility)?
If you said 'yes' to either question, contact www.EconomicRecoveryCenter.com for your no-cost analysis.
For immediate assistance, visit www.EconomicRecoveryCenter.com or contact our office at (385) 376-2372.
About Economic Recovery Center
Economic Recovery Center specializes in helping businesses navigate financial relief programs, including the ERTC. Our team has helped numerous business owners successfully claim their tax credits and receive the refunds they deserve. Don't be one of the 80% that leave money on the table—contact us today!
Visit: www.EconomicRecoveryCenter.com
Call: (385) 376-2372
This News is brought to you by Qube Mark, your trusted source for the latest updates and insights in marketing technology. Stay tuned for more groundbreaking innovations in the world of technology.
