With the poor crop, most of us are looking for any way to offset costs of operation. If you have not already done so, you may want to visit with your accountant to see if there are funds available to your operation from the Employee Retention Credit. One of our members recently reported that they were able to obtain funds through this program.
The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
It is our understanding that this credit may be available for payroll between March 12, 2020 and January 1, 2022. Hopefully, you will be able to take advantage of this program, if you have not already done so.