More Government Stimulus Money for Small Business Possible?Feb 22, 2022
Not exactly more stimulus money but a reinstatement of some tax credits that were taken away form small businesses in the most ridiculous rug pull ever conceived by the US Government. The Employee Retention Tax Credit (ERTC) that allowed up to $33,000 in refundable tax credits per employee was cut short.
In essence the government told us in the middle of November 2021 that they were doing away with the credit, and retroactively I might add, back to September 2021. It was a blow to small businesses everywhere in the US.
Well there is a new bill that his been introduced in the House of Representatives by Mrs. Miller of West Virginia and it looks like there is bi-partisan support for it to pass.
Link to Congressional Bill here: https://www.congress.gov/bill/117th-congress/house-bill/6161/text?r=165
We'll be following this very closely because if it passes, ERTC would be reinstated for 4th quarter 2021 and we can go back within 3 years and file amended tax returns to claim the credit. This could mean tens even hundreds of thousands of dollars for each and every small business.
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