The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement on behalf of Courtney Titus Brooks, Senior Manager of Federal Government Relations, in response to the introduction of the Employee Retention Tax Credit Reinstatement Act in the U.S. Senate:
“The Employee Retention Tax Credit (ERTC) was a great resource for small businesses throughout the COVID-19 pandemic and provided many businesses the financial support they needed to keep their employees on the payroll. By passing this legislation and reinstating the ERTC for the fourth quarter of 2021, owners who were planning on using the tax credit will no longer face a retroactive tax increase, something small businesses simply cannot afford right now. NFIB encourages Congress to pass the Employee Retention Tax Credit Reinstatement Act as small businesses continue to work on their economic recovery.”
The Employee Retention Tax Credit Reinstatement Act was introduced in the U.S. Senate by Sen. Tim Scott (R-SC), Sen. Maggie Hassan (D-NH), Sen. Shelley Moore Capito (R-WV), Sen. Ben Cardin (D-MD), and Sen. Mark Warner (D-VA). A similar bill was introduced in the U.S. House of Representatives last December by Rep. Carol Miller (R-WV), Rep. Stephanie Murphy (D-FL), Rep. Kevin Hern (R-OK), and Rep. Terri Sewell (D-AL).
According to NFIB’s latest COVID-19 survey, 13% of small employers claimed the ERTC for wages in 2020 and another 12% claimed the ERTC for wages in 2021. Only 14% of small employers are very familiar with the ERTC, 34% are somewhat familiar, and about half (52%) are not at all familiar.
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