The assistance includes filing for the Employee Retention Credit (ERC), a tax credit available to businesses that suffered reduced operating capacities or loss of revenue from COVID-19 restrictions. The credit stems from payroll taxes paid in previous years and offers up to $26,000 back per W-2 employee.
Applications for ERC benefits pertaining to payroll paid from March 2020 through December 2020 must be sent in no later than April 15, 2024. For payroll paid January 2021 through September 2021, applicants have until April 15, 2025, to file.
“I know how difficult running a small business can be and to withstand these disruptions in the economy, which is why I am pleased the ARA has teamed up with Adesso Capital to provide our members with the tools and resources they need to claim this tax credit and ensure their business survives,” said Steve Chucri, president & CEO of the ARA. “With millions of small businesses struggling to stay afloat during these difficult times, it is crucial that these tax credits be made available so that they can continue to provide jobs and support the economy.”
“I feel for the business owners who have weathered COVID restrictions and kept their doors open; they’re truly the champions of the American Dream and we should all ensure they have every tool possible to keep going,” said Damon Maletta, founder of Adesso Capital. “We at Adesso feel it’s our job to help businesses take advantage of the ERC, especially because there are no restrictions on how the funds are used, giving power back to the people who know how to use these funds the best. It’s a passion of mine, and I still get excited every time we get that ‘Approved!’ notice for a new client.”
Together, ARA and Adesso have helped Arizona small business owners receive over $2.8 Million in refunds, infusing the local economy with vital resources that reduce unemployment and create new opportunities for community growth. Adesso clients average a return of $150,000 per business.
