Business owners in the construction industry may have heard about the Employee Retention Credit (ERC). It’s a payroll tax refund from the government offered to businesses that kept employees on payroll during COVID-19. Eligible companies can receive a refund of up to $26,000 per employee.
However, there are many complex factors that determine whether a business is eligible. Businesses should do their homework on companies offering ERC assistance and ask some key questions, including these four:
While the ERC process involves asking these questions and a few more, there are thousands of companies in the construction industry that have claimed the capital that’s theirs to cover operating expenses, grow their businesses, hire quality talent, pay off debt, build a safety net and so much more.
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