Many U.S. businesses that struggled through the worst of the COVID-19 pandemic took advantage of funding available through the Paycheck Protection Program (PPP).  But there is another federal program that did not receive as much attention.  It's called the Employee Retention Credit (ERC).

Small- and medium-sized businesses and non-profits still have a chance to reap the benefits from the ERC.

According to Forbes, the IRS estimated 70-80% of qualifying businesses and non-profits would apply for ERC funds, but the actual number has come in far lower.  Billions of dollars remain on the table, with qualifying applicants eligible to receive up to $26,000 per employee, based on payroll taxes.

Jay Woods, founder & CEO of Omega Accounting Solutions, explained the ERC program and how businesses can take advantage, as he talked with KRLD's Chris Sommer.

Many U.S. businesses that struggled through the worst of the COVID-19 pandemic took advantage of funding available through the Paycheck Protection Program (PPP).&nbsp; But there is another federal program that did not receive as much attention.&nbsp; It's called the Employee Retention Credit (ERC). Small- and medium-sized businesses and non-profits still have a chance to reap the benefits from the ERC. According to Forbes, the IRS estimated 70-80% of qualifying businesses and non-profits would apply for ERC funds, but the actual number has come in far lower.&nbsp; Billions of dollars remain on the table, with qualifying applicants eligible to receive up to $26,000 per employee, based on payroll taxes. Jay Woods, founder &amp; CEO of Omega Accounting Solutions, explained the ERC program and how businesses can take advantage, as he talked with KRLD's Chris Sommer.

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