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When the COVID-19 pandemic hit, my business, Servpro located in Norwood, was faced with many challenges including out of control COVID-issued government restrictions, supply chain issues and reduced revenue.
Our employees are like a family, and the thought of layoffs impacting any of them broke my heart. Between dipping into savings, innovating to meet customers and various government programs we were able to avoid layoffs, unlike many of our neighbors and peers.
The Employee Retention Credit (ERC) was a lifeline for our business and the community at large, providing thousands of dollars per employee in assistance that was essential to our survival and ensuring our ability to continue keeping them employed and their families supported.
While I was lucky enough to have a team of tax professionals who knew how to navigate the program, many others didn’t have the cash on hand or a trusted tax professional to help them access funds the IRS owes them.
To make matters worse, the IRS imposed a moratorium on processing ERC claims submitted after Sept. 14, 2023. Since then, the backlog of ERC claims has swelled to over 1.4 million. That’s right. Over 1 million job creators and many small business owners like me are waiting to receive funds for a program established over four years ago to assist employers during the greatest economic challenge of our generation.
Lastly, the IRS has admitted that hundreds of thousands of ERC claims are low risk. As former IRS commissioner Chuck Rettig recently told POLITICO, “The already identified low risk ERC claims, submitted by struggling small businesses, should be approved and paid immediately.”
Yet, the IRS is claiming they won’t process them for months.
It is wrong to ask businesses with valid claims to wait any longer than they already have. The IRS must process low risk claims without further delay.
It’s time for the IRS to lift its moratorium and finish processing all remaining ERC claims. I am proud to stand with the Coalition to Preserve America’s Jobs (CPAJ), a group of employers from across industries and responsible tax professionals, that is fighting to end the moratorium and continued availability of the ERC program.
I urge Sen. Tillis to tell the IRS to protect the ERC benefit and lift the moratorium. Congress intended for this program to be accessible, but the IRS is pulling the rug out from under business owners and employers here in Stanly County.
It’s time Congress stands up to the IRS for small businesses like mine.
Shaun Morgan
Norwood