The Battle for Business Survival: How the CPAJ is Advocating for the ERC
Small businesses are the heart and soul of our economy, creating two-thirds of all new jobs in the U.S. However, these vital enterprises are also the most vulnerable to economic upheavals. From the lingering effects of the COVID-19 pandemic to ongoing supply chain disruptions, small businesses have faced numerous challenges that threaten their survival.
A beacon of hope for these businesses has been the Employee Retention Credit (ERC), a crucial benefit introduced in 2020 as part of the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ERC has played a vital role in helping businesses retain their employees during these tough times. Yet, a recent decision by the IRS to halt the processing of new ERC claims has left over a million claims in limbo, creating significant uncertainty for small business owners.
This is where the Coalition to Preserve American Jobs (CPAJ) steps in. A dedicated group of employers and responsible tax professionals, the CPAJ is committed to ensuring that American businesses and workers receive the support they need. They are advocating for the IRS to address the backlog of ERC claims and continue providing this essential relief to help businesses stay afloat and keep their employees on the payroll.
Why should you care about the ERC and the CPAJ's efforts?
Job Preservation: The ERC has been instrumental in saving jobs and keeping businesses open, particularly in sectors like hospitality and retail that are crucial to local economies.
Economic Stability: When small businesses thrive, the entire economy benefits. Ensuring these businesses receive the support they need helps stabilize our communities and promotes growth.
Your Community: Small businesses are often the backbone of local communities, providing jobs, services, and a sense of community. Supporting the ERC means supporting your neighbors, friends, and family.
The IRS’s recent moratorium on ERC claims has left many businesses in a bureaucratic quagmire, waiting months for the funds they desperately need. While the IRS cites concerns over fraud, the broader impact on legitimate claims and businesses cannot be ignored. The CPAJ believes in a balanced approach: rooting out fraud while ensuring timely relief for businesses in need.
Want to learn more about how the ERC impacts small businesses and what can be done to support them? Dive deeper into the challenges and solutions by reading the full article. Discover why preserving the ERC is crucial for the future of our economy and how you can help advocate for change.
By staying informed and supporting initiatives like the CPAJ, you can play a part in ensuring that small businesses continue to be the driving force of our economy. Your support can make a difference in preserving jobs, fostering economic growth, and maintaining the vitality of our communities. Don't miss out on this important read!