Business Insights

New Act Could End ERC January 31st.

Luke LaHaie
5 Minutes to read
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Here is what you need to know.

Recently proposed legislation could end the Employee Retention Credit program on January 31, 2024. If passed, you will have less than 13 days to file for the tax credit with the IRS.

If you would like to file for ERC, you must immediately take action by starting a new ERC application or continuing your existing application in the NEWITY portal.

We will continue to process ERC filings and will submit as many eligible ERC claims as possible to the IRS by the January 31st deadline. Do not delay if you would like to file for ERC. We look forward to supporting you ahead of 1/31.

If you already filed for ERC there is no action required. We do not anticipate this proposed legislation will impact existing filings. 

To qualify for an SBA 7(a) small business loan, your business must be:

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business