Over the past few years, many small businesses have faced (some still do) challenges. During the pandemic, it was quite hard to continue business because of the global economic turmoil that led to the collapse of many companies and the loss of many jobs.
If you somehow handled those challenges and didn’t let them affect your staff, you did a good thing. But that probably stretched your budget considerably and may have led to some difficulties. That’s why the government has developed the Employee Retention Program, a tax-refundable credit that should help you overcome financial issues due to paying wages during COVID-19.
As a small business owner, you can apply for these funds alone, but the process can be confusing and time-consuming. A much better option is leaving this work to ERC companies that can navigate the claim procedure and help you get your money fast. Since there are many scammers on the market to avoid (as explained here), it’s up to you to find a reliable agency to work with.
Know Your Needs and Budget
Hiring the ERC company should be a valuable help in overcoming financial difficulties with the help of a government refundable grant. Look at your needs to know how much money you need and how much you can get. So consider your business size, the number of employees during the critical period, as well as which ERC service you need.
These agencies charge fees for their services, and the price will depend on why you hire them. Maybe it’s simply speeding up your application and claim filing. Or perhaps you need additional services, such as help with other government incentives. In any case, look for a company with transparent pricing to avoid hidden fees and get the best service for your money.
Industry Knowledge and Reputation
Once you know your needs, you can start your search. Give priority to agencies that have been on the market for a long time and have sound industry experience. For starters, read reviews and testimonials from previous clients, as they can give you some informal information you won’t find on ERC companies’ websites.
The company you decide on should be recognized by your peers and industry experts, which is an additional boost to its reputation. Also, you’re free to ask for referrals, one of the best ways to check how successful an agency is in its work and interaction with clients.
Considering the large number of scammers and companies that don’t have experience handling ERC, it’s of utmost importance to check their track record before starting cooperation. So you need someone who understands your industry and the challenges your business has faced or is facing. Besides, the agency reps who handle your claim must know tax regulations and be familiar with ERC guidelines.
On the source below, find out whether you qualify for this grant:
https://www.experian.com/blogs/employer-services/who-qualifies-for-the-erc-tax-credit/
How Efficiently Companies Handle ERC Claims
Keeping your staff during hard times has drained your finances, so help is welcome as soon as possible. Considering the large number of companies that faced the same difficulties, processing claims can take several weeks to several months. There’s always a chance that the IRS will ask for an additional document check or an audit of your claim.
The initial waiting period from filing a claim to receive government funds was four to six weeks. The extension was due to the large number of applications that had to be checked. To shorten this waiting period, let seasoned ERC agencies handle your claim. And choose the one with a short processing time.
When checking this parameter, you have to dive into how ERC companies work. The best agencies have implemented many tools and software to speed up the application procedure. Also, they have a streamlined process and offer proper education on the software they use to make the claim process easier for their clients. Last but not least, the best ERC companies provide top-notch data security and protection.
Quality of Customer Support
Businesses in need of ERC services want to work with reliable and trusted companies that’ll keep them up to date with the claim process. That is why reliable and responsive customer support is an absolute must. Company reps must be in touch with their clients and keep them posted throughout the entire process.
You can agree on the communication method with a dedicated account manager. They should be available, honest, and ready to guide you through the ERC claim process. They must be willing to explain any ambiguities and possible obstacles during the claim review.
ERC tax credit can help your business breathe easy. To benefit from this government help, you need to apply through a reputable ERC company, as that’ll speed up the claim filing procedure and help you get your grant fast.