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Business Insights

New Act Could End ERC January 31st.

Luke LaHaie
5 Minutes to read
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The IRS could end ERC (the Employee Retention Credit program) sooner that we may think. Here is everything you need to know about the current state of the program. 

ERC Information:

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.

For those looking to file for ERC, you must immediately take action. Start a new ERC application or continue your existing application in the NEWITY portal.

The ERC team will continue to process ERC filings and will submit as many eligible ERC claims as possible; we will submit them to the IRS by the January 31st deadline, when they may end ERC. Do not delay if you would like to file for ERC. Our team at NEWITY looks forward to supporting you ahead of 1/31.

Contact NEWITY:

As always, feel free to contact a NEWITY team member who is here to help. When you reach out, one of our customer service representatives can help answer additional questions about the end of ERC and tailor our conversation to your specific business needs. Most importantly, we can help you get the resources and funding your business needs to thrive. 

At NEWITY, we champion small businesses and acknowledge their crucial role in our country and society. This is why we make ourselves as available as possible to aid and assist all small businesses. Call us at 773-839-8089, between Monday through Friday 8am – 5pm CT, or Saturdays 10am – 7pm CT. We are closed on Sundays. 

You can also send us a message at any time through our Contact Form and we’ll be sure to respond as soon as we can.

How NEWITY Can Help:

And if you are just needing help with general financing, learn more about our SBA 7(a) loans. Eligibility for loan sizes can range between $17,500, and go up to $500,000. And you’ll be able to see what you prequalify for in under 10 minutes. Our team can help you apply, and work with you to prepare the right documentation every step of the way. NEWITY is proud to help you 3 times faster than the national average for helping small businesses get the funding they need! Learn more now!

If you already filed for ERC there is no action required. This proposed legislation should not impact existing filings. 

We are no longer accepting ERC applications. However, we would be happy to help you secure affordable funding through an SBA 7(a) loan. 

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