Small and midsized cable operators could be missing out on some government help related to COVID-19.
As part of a virtual event co-sponsored by “Strong Women of Cox California” and the California Cable & Telecommunications Association, participants will get a brief top-line briefing on a government-funded COVID-19 related tax credit some folks could be leaving on the table.
As part of President Joe Biden‘s American Rescue Plan, the 2020 CARES Act Employee Retention Tax Credit (ERTC) was adjusted to apply to more small and midsized companies.
At the Oct. 13 virtual event, Josh Fox from Bottom Line Concepts, a company that helps its clients find government aid programs, says it has found clients as much as $10 million in ERC tax breaks, up to $33,000 per employee.
According to RTC Funding, which also tracks government aid, the tax break is available for any business with under 500 employees and can be applied for retroactively.
It suggests that one reason some folks may not have taken advantage of the ERC is that they have already gotten money through the Paycheck Protection Program (PPP) and may not know that they can get the ERC tax break in addition to that.
In addition, the initial ERTC program was only available to companies that had suffered at least a 50% decline in gross receipts for any quarter in 2020. But the credit has been expanded to companies with a 20% or greater hit on revenue. It also applies to any business suffering a partial closure, according to RTC Funding.
