Today, NEWITY, a small business marketplace dedicated to providing access to SBA loan solutions and trusted service providers, announced their new Employee Retention Credit (ERC) offering aimed at helping businesses claim their payroll tax credits. Eligible companies that have not claimed ERC can do so through 2024, depending upon their initial tax filing or payment date. Originally created within the Coronavirus Aid, Relief, and Economic Security (CARES) Act, ERC is an incentive program that provides business owners with tax credits up to $26,000 per retained employee, even for businesses that received PPP loans. With a successful track record of helping 115,000 businesses navigate the complexities of the Paycheck Protection Program (PPP), NEWITY streamlined the ERC application process to help businesses determine eligibility, file their claim, and ensure IRS compliance.
"Many businesses continue to struggle as a result of the pandemic and the Employee Retention Credit program offers substantial benefits to help sustain business' operations,Our expanded ERC service is a testament to our continued effort to be complexity busters' for small businesses that are otherwise disadvantaged when it comes to these complicated applications."
David Cody, NEWITY Co-Founder and Co-CEO.
There's a lot of misinformation around ERC, said Luke LaHaie, NEWITY Co-Founder and Co-CEO. "f your tax advisor or CPA said your business is not eligible, we encourage you to confirm your qualifications on our platform. We've already processed several Employee Retention Credits for small businesses, which will provide meaningful cash in their pocket to weather the current economic climate and grow their companies. NEWITY's ERC Service is open and available to all small businesses.
About NEWITY
NEWITY is America's Small Business Marketplace, focused on empowering entrepreneurs with access to trusted service providers and affordable loan solutions – all in one place. NEWITY uses leading technology and real, human support to help small businesses make their companies more efficient and profitable. Today, that includes equitable access to SBA 7(a) loans; streamlined processes to claim tax credits; simplified online bookkeeping with Xendoo; customized, competitive insurance with Mylo; and access to a marketing agency marketplace with Breef.