The devastating COVID-19 crisis brought unprecedented hardships, especially for small businesses. As they grappled with the economic strains posed by the pandemic, many companies suffered damage they are still trying to recover from today. The Lake Law Firm is assisting business owners in recovering the Employee Retention Tax Credit (ERTC), worth up to $26,000 per W-2 employee.
The Employee Retention Tax Credit (ERTC) was part of Congress’ initiative to revive the United States economy through the CARES Act in March 2020. Businesses that kept workers on payroll during the pandemic despite experiencing revenue losses or being impacted by government orders can take advantage of this refundable tax credit.
“In my experience, it’s more often that businesses qualify for the ERTC than not,” said Michael Blom, Esq., a partner at The Lake Law Firm. “This refund can be a lifeline for businesses, and there’s no harm in taking a few moments to check your business’ eligibility.”
Some business owners have also received advice from their accountants or payroll companies stating that they are ineligible for the ERTC because their business did not suffer a decline in revenue. However, The Lake Law Firm, one of the first law firms to focus on ERTC applications, has been actively working to raise awareness that businesses affected by state or local mandates, regardless of revenue decline, can still benefit from the ERTC.
The list of government orders that could help a business qualify for the ERTC is longer than one might think. These mandates include supply chain disruptions, capacity limitations, partial or full shutdown orders, and restrictions on networking events, to name just a few. Unlike other ERTC filing services, The Lake Law Firm has tax lawyers who draft an impact statement to connect businesses to the correct state or local mandate.
“People tend to forget that government mandates are just as valid as revenue losses when applying for the ERTC,” shared Blom. “We understand that the ERTC can get a little tricky, but our services can quickly clear up any eligibility confusions.”
More information about The Lake Law Firm’s ERTC program is available at https://ertcadvisors.org/ausonia/, or by calling 631-483-3998.
The Lake Law Firm
One Rockefeller Plaza, 11th Fl.
New York, NY 10020
631-483-3998
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