Which Industries Can Receive ERTC Refunds?
Almost all industries qualify whether or not they suffered revenue losses. ERTC qualification is based on multiple government orders from cleaning/sanitizing, capacity restrictions, travel restrictions, vendor to customer restrictions, supply chain disruptions, or inability to attend trade shows. Below is a list of the most common businesses that qualify.
DON’T WORRY IF YOU DO NOT SEE YOUR BUSINESS THIS IS JUST A SAMPLE OF BUSINESS TYPES
Health Care
Businesses and nonprofits in the healthcare industry can qualify for the CARES Act Employee Retention Tax Credit (ERTC). Many health care companies kept their employees on their paycheck during the COVID-19 pandemic in 2020 and 2021. As a reference point, the American Hospital Association (AHA) estimates that the nation’s hospitals lost a collective $54 billion in net income in 2021 alone. Some of the most highly affected health care businesses include:
Therapists (Speech, Eye, Vision, etc): A wide range of different professional therapists—from speech to vision—suffered public health restriction during 2020 and 2021.
Physical Therapists: Physical therapists that were negatively impacted by the pandemic can apply for the ERC.
Home Health Care Agencies: Home health care was one of the most highly effective industries. The Partnership for Quality Home Health Care noted that there was a crisis in the home health sector. The pandemic “significantly reduced home health agency revenue and impacted agency functional and operations.” Home health companies can qualify for the ERTC.
Dentists: Many people skipped the routine cleanings that they were scheduled for at the dentists. Dental practices suffered a lot of restrictions and many of them saw income declines from COVID-19. Dental offices qualify for the ERTC even if they didn’t suffer revenue loss.
Chiropractors: Chiropractors that were subject to public health restrictions can qualify for the Employee Retention Tax Credit.
Medical Transportation: With canceled appointments and the rise of telemedicine during the COVID-19 pandemic, many medical transportation businesses saw sharp declines in revenue.
A wide range of other health care industry businesses and organizations were also adversely affected by the COVID-19 pandemic. Sunrise Business Solutions | ERC Guaranteed helps all of the following clients qualify for the Employee Retention Tax Credit:
Hospitals (elective surgeries);
Medical clinics;
Doctors (all practices);
Optometrists;
Nursing homes;
Assisted living facilities;
Outpatient care;
Dialysis centers; and
Psychiatric & mental health professionals.
Education
The COVID-19 pandemic has had a major impact on education in our country. A large number of schools—from elementary schools to major universities—went fully remote. In some cases, schools were remote for multiple years. Though, the most disrupted aspect of education was child care:
Child Care Centers (Daycare): The COVID-19 pandemic put an enormous strain on our nation’s child care system. Child care centers and daycare centers had to deal with incredible public health challenges. There were also serious business & financial disruptions. According to the U.S. Chamber of Commerce, more than 75 percent of child care centers nationwide were struggling to break even during 2020 and 2021. Child care centers and daycare facilities can qualify for the ERTC.
All other businesses, nonprofits, and organizations in the education industry can also apply for the Employee Retention Tax Credit. We help the following employers file for the ERTC:
All schools and universities; and
All trade schools.
Transportation
The transportation industry was also heavily impacted by the COVID-19 pandemic and public health restrictions. All aspects of transportation were affected by the situation, from the moving of goods to the moving of people. Businesses within the transportation industry that file for the ERTC include:
Trucking logistics: The COVID-19 pandemic and the public health restrictions had a very uneven effect on the commercial trucking industry. Some small trucking companies and owner-operators suffered financial disruptions. Trucking businesses can qualify for the Employee Retention Credit.
Bus Companies: During 2020 and 2021, many people were moving around. Bus companies that provide transportation services—both locally and over more significant distances—can qualify for the ERTC even if they did not sustain major revenue losses.
Manufacturing Industry
The COVID-19 pandemic disrupted manufacturing. Many facilities were subject to capacity restrictions or other adverse business conditions. Manufacturing employers can qualify for the ERTC.
Construction Industry
Any employer in the construction industry that was forced to suspend operations can apply for the ERC tax credit. We help construction industry companies file.
Retail Stores
The pandemic and government restrictions were crushing for some businesses in the retail sector. The following businesses should to determine if they are entitled to an ERC tax credit under the CARES Act:
All Brick and Mortar Stores: While retail spending did not dip dramatically in 2020 and 2021, the nature of retail spending fundamentally changed. A greater percentage of dollars were spent online. Many brick and mortar stores were seriously disrupted. Brick and mortar retail locations from every part of the industry can apply for the ERTC.
Moving Companies: Fewer people retain moving services during the COVID-19 pandemic. Not only were permanent moves somewhat less common during certain stretches, more people did DIY moves. Moving companies qualify for the ERC.
All other retail stores can also apply for the Employee Retention Credit. Some examples of businesses that our team helps seek the ERC include:
Franchisees;
Car dealers;
Auto repair;
Car washes;
Dry cleaners;
Furniture stores;
Appliance stores;
Grocery stores;
Liquor stores;
Personal stores;
Gas stations;
Clothing stores;
Jewelry stores;
Florists; and
All department Stores
Accommodation & Food Services
Accommodations and food services were heavily impacted by the COVID-19 pandemic—especially during the early stages and during the peak of “waves” when many state and local governments put public health and capacity restrictions in place. The most highly affected business include:
Restaurants & Bars: The pandemic has had a brutal effect on the restaurant industry. According to a report from Fortune, nearly 100,000 restaurants and bars closed their doors nationwide in 2020 alone. Restaurants and bars that were affected by the pandemic can qualify for the ERTC.
Other business and organizations in the accommodation and food services sector that can apply for the Employee Retention Tax Credit include the following:
Hotels;
Fast food;
Banquet halls;
Trade shows;
Conference organizers;
Senior living & retirement communities;
Convention centers; and
Country clubs.
Personal Care
There were many rules and regulations in place for the personal care industry. The ERC is available to businesses and organizations in personal care that were subject to public health restrictions during 2020 and/or 2021. Personal care companies that can qualify for the ERC include:
Gym – Health & Fitness:
Beauty salons;
Hair salons;
Massage therapy clinics;
Spas; and
Nail salons.
Arts, Entertainment, & Recreation
Not only did people cut back on entertainment and recreational spending during 2020 and 2021, but many state and local governments had health regulations in place that temporarily shut down these businesses or put strict capacity restrictions in place. Companies and organizations in the art and entertainment industry that can qualify for the ERC include:
Cinema;
Theaters;
Dance studios;
Performing Arts Organizations;
Museum & Amusement Parks;
Bowling Centers;
Sports Teams;
Television;
Movies; and
Theater productions.
Travel-Related Industry
Travel plummeted during the final three quarters of 2020. Companies that operate in the travel and tourism space—from the people who organize travel plans to the businesses that have tourist-friendly locations—sustained major losses. We help companies in the travel and tourism industry, qualify for the ERC whether or not they suffered revenue losses. These companies include:
Travel agents; and
Tour operators.
Offices
With the sharp and sustained rise in remote work, many businesses that operate in offices saw disruptions. All types of office-industry companies can apply for the Employee Retention Credit. Funds may be available for:
Law firms;
Banks; and
Financial institutions.
Religious Organizations (All Non-Profits Can Qualify)
You do not have to be a for-profit business to qualify for the ERTC. All non-profits can file for ERTC benefits. Religious organizations are no exception. The ERTC may be available for:
Churches;
Ministries;
Temples; and
Other religious nonprofit organizations.
Get Help From an Employee Retention Credit (ERTC) Specialist Today
At InterConnecT Financial Group, we specialize in the Employee Retention Tax Credit. Our focus is on helping clients obtain the maximum available ERTC refund. If you have any questions or concerns about your eligibility for the Employee Retention Credit, please call us or schedule a free consultation. Our ERC specialists provide nationwide services to businesses or organizations in every industry.