June 2020

When they first launch their business, few small business owners think about putting together and documenting policies. They focus on marketing and reaching new clients, the services they’ll offer, and what they’ll charge for them.

Every small business is different, even in the same industry. Services, products, and clients all bring with them unique challenges. But most problems small business owners face fall into similar, broad categories.

If you experience a job loss, you will of course have numerous questions as to how it will impact your job situation. Whether you are an employee who lost your job or a business owner who had to lay off your workers, here are some important details to keep in mind.

How Will Your Job Loss Affect Your Tax Situation?

The COVID-19 pandemic has negatively affected businesses around the nation. Due to this, some impacted businesses can take advantage of a reimbursable tax credit known as the Employee Retention Credit (ERC). The ERC is an incentive meant for employers to encourage employee retention during the pandemic.