What to do with ERC Refund

ERC, or Economic Recovery and COVID-19 (ERC) funds, are intended to help businesses recover from the economic impact of COVID-19. There are several things that business owners can do with ERC money, including:

1. Covering payroll costs: ERC funds can be used to cover payroll costs, including salaries, wages, and benefits for employees.
2. Rent and utilities: ERC funds can be used to pay for rent and utilities, such as electricity, water, and internet.
3. Personal protective equipment (PPE): ERC funds can be used to purchase PPE for employees, such as masks, gloves, and hand sanitizer.
4. Cleaning supplies: ERC funds can be used to purchase cleaning supplies, such as disinfectant wipes, sprays, and hand soap.
5. Business improvements: ERC funds can be used to make improvements to a business, such as upgrading technology or equipment.
6. Marketing and advertising: ERC funds can be used to fund marketing and advertising efforts to attract new customers and promote the business.
7. Training and development: ERC funds can be used to provide training and development opportunities for employees to improve their skills and productivity.
8. Debt payments: ERC funds can be used to pay off existing debts or loans, which can help businesses manage their cash flow and improve their financial stability.

It’s important to note that there may be specific guidelines and restrictions on how ERC funds can be used, so it’s important for business owners to carefully review the requirements and consult with a financial advisor before using the funds.

Want to learn more about the Employee Retention Credit?

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