A lot of businesses all over the world have been hit hard by the pandemic and the collision industry is no exception. With a lot of us working from home, people were driving less and there has been a significant decrease in the number of car accidents.
As a result, many shops were forced to lay off their workers and even close their doors.
Fortunately, the Coronavirus Aid, Relief, and Economic Security Act (CARES) has provided some form of relief in the form of Employee Retention Credits (ERC). The ERC is a tax credit that helps keep businesses afloat and keep their workers on the payroll.
However, not a lot of collision shop owners know what ERC is and how to qualify for it.
Join Matt DiFrancesco and Ray Roth, Director of Disputes, Compliance, and Investigations with Stout, as they talk about what collision shop owners need to know about ERC and why they need to take advantage of it.
They also talked about:
- (03:20) How Ray got involved in the Employee Retention Credit Program
- (06:21) What are Employee Retention Credits?
- (07:54) How does a shop owner qualify for these?
- (16:35) What Ray thinks the ERCs are such a well-kept secret
- (17:31) One of the hurdles in getting business owners to apply for ERC
- (19:56) Why 99% of businesses took PPP over ERC
- (20:46) The importance of bringing in an outside expert to help translate what these programs are
- (21:28) One of the best referral sources for Stout
- (22:59) The next steps a shop owner should take if they’re interested in applying for ERC
- (27:12) What Ray wants people to understand about the legitimacy of their analysis
Connect with Ray Roth
Email: rroth@stout.com
Website: https://www.stout.com/en/
Connect With Matt DiFrancesco:
(814)201-5855
LinkedIn: Matt DiFrancesco
LinkedIn: High Lift Financial
Facebook: High Lift Financial
DISCLAIMER:
The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.
Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.