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I’ve seen many industries registered for the employee retention tax credit, but how does that prevent enterprises from going out of business?
Many industries have experienced a sharp decline in their revenue since the pandemic began. They were about to fire their employees and declare bankruptcy. The introduction of the ERC program offered them financial assistance throughout this catastrophe. $26k was given to each employee, more than enough to cover assistance. The U.S. government’s implementation of tax credits for employee retention demonstrated that the country is ready to support its inhabitants during such trying times.
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