New Business Credits is now helping businesses qualify for the Recovery Startup Business Program
Not many business owners have heard about the Recovery Startup Business Credit. Now, a new website exists to help them claim it.
— Jay Feilen, CRO of ERC Benefits
BOCA RATON, FLORIDA, UNITED STATES, November 29, 2022 /EINPresswire.com/ — Small business owners who founded their operations during the COVID-19 pandemic now have a direct path to applying for a little-known but substantial tax credit created just for them.
ERC Benefits, which specializes in helping businesses file for the Employee Retention Credit (ERC), announces the launch of newbusinesscredits.com, a website for helping startup business owners qualify and apply for the Recovery Startup Business Credit (RSBC).
Through the RSBC, eligible startups that began operations between February 15, 2020 and September 30th 2021 can receive up to $100,000 in a one-time tax refund from the IRS.
When the ERC was created by the 2020 Cares Act there was no relief for businesses that started operations during the pandemic.
There were thousands of small business owners who invested their time and financial resources to open their new business in 2020 and 2021. These owners soon found themselves struggling to get up and running and even after they opened, they were battered with shutdowns and restrictions. These new business owners were devasted with no relief in sight.
In July of 2021, answering the call of new business owners across America, Congress passed the American Rescue Plan Act. The ARPA introduced the Recovery Startup Business Credit. This Covid-relief credit was specifically enacted to help business owners who started their new business during the Pandemic.
Because many startups can’t take full advantage of the ERC – due to its qualification requirements – the RSBC offers them special provisions, and is even easier to qualify for.
Through newbusinesscredits.com, businesses that opened on or after February 15, 2020 retained at least two non-family W2 employees, and averaged less than $1 million in annual gross revenue can qualify for a refund of up to $50,000 per quarter in wages they paid in Q3 and Q4 of 2021.
Even better, the RSBC is quicker and easier to apply for than the ERC. Just by answering a few questions on the New Business Credits site, business owners can instantly receive an estimate of their return. ERC Benefits says most RSBC applications can be ready to file in less than one week, and owners can have their checks from the IRS in three to four months.
Unfortunately, most new business owners don’t even know about this important COVID relief.
“When the Employee Retention Credit became public knowledge, everyone jumped on it,” says Jay Feilen, Chief Revenue Officer at ERC Benefits. “And why not? It was huge! But the RSBC wasn’t available at the time and even after new legislation added the RSBC, it was not widely publicized. A lot of new business owners are really missing out on this money, so we have made it our mission to educate new business owners about the Recovery Startup Business Credit.”
You can see if your business qualifies for the Recovery Startup Business Credit in less than five minutes at newbusinesscredits.com – and if you have questions, representatives are standing by to take your call.
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