Businesses that retained employees despite seeing COVID-19 related disruptions may be eligible for a maximum benefit of $26,000 per employee through the CARES Act Employee Retention (ERC). Many qualified businesses and organizations have still not filed for the ERC—but it is not too late to do so. At Sunrise Business Solutions | ERC Guaranteed, our team is made up of Employee Retention Credit specialists. We help businesses and nonprofit organizations from every industry qualify for the ERC. Get in touch with our ERC specialists today!
Which Industries Can Receive ERC from the CARES Act?
Most industries qualify whether or not they suffered revenue losses. ERC qualification is based on multiple government orders from cleaning/sanitizing, capacity restrictions, travel restrictions, vendor to customer restrictions, supply chain disruptions, or inability to attend trade shows. Below is a list of businesses that qualify.
Health Care
Businesses and nonprofits in the healthcare industry can qualify for the CARES Act Employee Retention Credit (ERC). Many health care companies kept their employees on their paycheck during the COVID-19 pandemic in 2020 and 2021. As a reference point, the American Hospital Association (AHA) estimates that the nation’s hospitals lost a collective $54 billion in net income in 2021 alone. Some of the most highly affected health care businesses include:
- Therapists (Speech, Eye, Vision, etc): A wide range of different professional therapists—from speech to vision—suffered public health restriction during 2020 and 2021.
- Physical Therapists: Physical therapists that were negatively impacted by the pandemic can apply for the ERC.
- Home Health Care Agencies: Home health care was one of the most highly effective industries. The Partnership for Quality Home Health Care noted that there was a crisis in the home health sector. The pandemic “significantly reduced home health agency revenue and impacted agency functional and operations.” Home health companies can qualify for the ERC.
- Dentists: Many people skipped the routine cleanings that they were scheduled for at the dentists. Dental practices suffered a lot of restrictions and many of them saw income declines from COVID-19. Dental offices qualify for the ERC even if they didn’t suffer revenue loss.
- Chiropractors: Chiropractors that were subject to public health restrictions can qualify for the Employee Retention Credit.
- Medical Transportation: With canceled appointments and the rise of telemedicine during the COVID-19 pandemic, many medical transportation businesses saw sharp declines in revenue.
A wide range of other health care industry businesses and organizations were also adversely affected by the COVID-19 pandemic. Sunrise Business Solutions | ERC Guaranteed helps all of the following clients qualify for the Employee Retention Credit:
- Hospitals (elective surgeries);
- Medical clinics;
- Doctors (all practices);
- Optometrists;
- Nursing homes;
- Assisted living facilities;
- Outpatient care;
- Dialysis centers; and
- Psychiatric & mental health professionals.
Education
The COVID-19 pandemic has had a major impact on education in our country. A large number of schools—from elementary schools to major universities—went fully remote. In some cases, schools were remote for multiple years. Though, the most disrupted aspect of education was child care:
- Child Care Centers (Daycare): The COVID-19 pandemic put an enormous strain on our nation’s child care system. Child care centers and daycare centers had to deal with incredible public health challenges. There were also serious business & financial disruptions. According to the U.S. Chamber of Commerce, more than 75 percent of child care centers nationwide were struggling to break even during 2020 and 2021. Child care centers and daycare facilities can qualify for the ERC.
All other businesses, nonprofits, and organizations in the education industry can also apply for the Employee Retention Credit. We help the following employers file for the ERC:
- All schools and universities; and
- All trade schools.
Transportation
The transportation industry was also heavily impacted by the COVID-19 pandemic and public health restrictions. All aspects of transportation were affected by the situation, from the moving of goods to the moving of people. Businesses within the transportation industry that file for the ERC include:
- Trucking logistics; The COVID-19 pandemic and the public health restrictions had a very uneven effect on the commercial trucking industry. Some small trucking companies and owner-operators suffered financial disruptions. Trucking businesses can qualify for the Employee Retention Credit.
- Bus Companies: During 2020 and 2021, many people were moving around. Bus companies that provide transportation services—both locally and over more significant distances—can qualify for the ERC even if they did not sustain major revenue losses.
Manufacturing Industry
The COVID-19 pandemic disrupted manufacturing. Many facilities were subject to capacity restrictions or other adverse business conditions. Manufacturing employers can qualify for the ERC.
Construction Industry
Any employer in the construction industry that was forced to suspend operations can apply for the ERC tax credit. We help construction industry companies file.
Retail Stores
The pandemic and government restrictions were crushing for some businesses in the retail sector. The following businesses should to determine if they are entitled to an ERC tax credit under the CARES Act:
- All Brick and Mortar Stores: While retail spending did not dip dramatically in 2020 and 2021, the nature of retail spending fundamentally changed. A greater percentage of dollars were spent online. Many brick and mortar stores were seriously disrupted. Brick and mortar retail locations from every part of the industry can apply for the ERC.
- Moving Companies: Fewer people retain moving services during the COVID-19 pandemic. Not only were permanent moves somewhat less common during certain stretches, more people did DIY moves. Moving companies qualify for the ERC.
All other retail stores can also apply for the Employee Retention Credit. Some examples of businesses that our team helps seek the ERC include:
- Franchisees;
- Car dealers;
- Auto repair;
- Car washes;
- Dry cleaners;
- Furniture stores;
- Appliance stores;
- Grocery stores;
- Liquor stores;
- Personal stores;
- Gas stations;
- Clothing stores;
- Jewelry stores;
- Florists; and
- All department Stores
Accommodation & Food Services
Accommodations and food services were heavily impacted by the COVID-19 pandemic—especially during the early stages and during the peak of “waves” when many state and local governments put public health and capacity restrictions in place. The most highly affected business include:
- Restaurants & Bars: The pandemic has had a brutal effect on the restaurant industry. According to a report from Fortune, nearly 100,000 restaurants and bars closed their doors nationwide in 2020 alone. Restaurants and bars that were affected by the pandemic can qualify for the ERC.
Other business and organizations in the accommodation and food services sector that can apply for the Employee Retention Tax Credit include the following:
- Hotels;
- Fast food;
- Banquet halls;
- Trade shows;
- Conference organizers;
- Senior living & retirement communities;
- Convention centers; and
- Country clubs.
Personal Care
There were many rules and regulations in place for the personal care industry. The ERC is available to businesses and organizations in personal care that were subject to public health restrictions during 2020 and/or 2021. Personal care companies that can qualify for the ERC include:
- Gym – Health & Fitness:
- Beauty salons;
- Hair salons;
- Massage therapy clinics;
- Spas; and
- Nail salons.
Arts, Entertainment, & Recreation
Not only did people cut back on entertainment and recreational spending during 2020 and 2021, but many state and local governments had health regulations in place that temporarily shut down these businesses or put strict capacity restrictions in place. Companies and organizations in the art and entertainment industry that can qualify for the ERC include:
- Cinema;
- Theaters;
- Dance studios;
- Performing Arts Organizations;
- Museum & Amusement Parks;
- Bowling Centers;
- Sports Teams;
- Television;
- Movies; and
- Theater productions.
Travel-Related Industry
Travel plummeted during the final three quarters of 2020. Companies that operate in the travel and tourism space—from the people who organize travel plans to the businesses that have tourist-friendly locations—sustained major losses. We help companies in the travel and tourism industry, qualify for the ERC whether or not they suffered revenue losses. These companies include:
- Travel agents; and
- Tour operators.
Offices
With the sharp and sustained rise in remote work, many businesses that operate in offices saw disruptions. All types of office-industry companies can apply for the Employee Retention Credit. Funds may be available for:
- Law firms;
- Banks; and
- Financial institutions.
Religious Organizations (All Non-Profits Can Qualify)
You do not have to be a for-profit business to qualify for the ERC. All non-profits can file for ERC benefits. Religious organizations are no exception. The ERC may be available for:
- Churches;
- Ministries;
- Temples; and
- Other religious nonprofit organizations.
Sunrise Business Solutions | ERC Guaranteed Helps Clients for All Industries Qualify for the ERC
Backed by Berkshire Hathaway, the team of professionals at Sunrise Business Solutions | ERC Guaranteed specializes in the Employee Retention Credit. Indeed, all we do is help businesses and organizations qualify for the ERC. Applying for a tax credit can be challenging—but you do not need to sweat it. Our ERC specialists can help you understand the process, handle documents and paperwork, and take action to maximize your ERC for all six quarters. With Sunrise Business Solutions | ERC Guaranteed, you will get access to:
- Expertise: We know the Employee Retention Credit inside and out. No matter your industry, our team knows what you need to do to qualify.
- Free Evaluation: Our team will review your documents for free. You will never be charged anything if you do not qualify for the ERC.
- Protection: We go above and beyond to protect your interests. You will get professional error and omission insurance coverage to guarantee your success.
- Maximum ERC Benefit: Our ERC specialists will carefully review all six quarters to ensure that your business secures the maximum Employee Retention Benefit for each one—that could mean 30 percent to 100 percent more than you would get through our competitors.
It is not too late to apply for the Employee Retention Credit for the 2020 or 2021 tax years. Even if your business or organization has already filed its taxes, there is still time to apply. A provision in the CARES Act allows for a three-year “lookback” period. In effect, this means that employers have three years to submit an amended return to claim the ERC tax credit. Sunrise Business Solutions | ERC Guaranteed helps clients qualify for the ERC for 2020 and 2021 in 2022.
Get Help From an Employee Retention Credit (ERC) Specialist Today
At Sunrise Business Solutions | ERC Guaranteed, we specialize in the Employee Retention Tax Credit. Fully backed by Berkshire Hathaway, our exclusive focus is on helping clients obtain the maximum available ERC. If you have any questions or concerns about your eligibility for the Employee Retention Credit, please call us or schedule a free consultation. Our ERC specialists provide nationwide services to businesses or organizations in every industry.