The COVID-19 pandemic has had an outsized, negative impact on the endurance sports industry. Fortunately, many race directors and event management companies have been able to utilize Paycheck Protection Program (PPP) funds to stay afloat.
However, for a variety of reasons, another even more impactful form of crisis funding, the Employee Retention Credit (ERC), is routinely ignored. The ERC is an excellent tool for qualified businesses and tax-exempt organizations to pay off debts, rehire staff, market upcoming events or use for whatever purpose you need.
In some cases, the dollar amount of ERC funding can exceed an organization’s PPP funding amount. Plus, ERCs aren’t a loan – in many cases, they are a direct cash refund.
Read more about the ERC in a white paper prepared by Matt Dieter, CEO of Recoupe Tax