June 18, 2021
June 18, 2021 - Phoenix, AZ -- Economic Incentives Advisory Group (EIAG), a national credits and incentives firm, announced a practice group called “Go-Credits” dedicated to helping businesses secure funding available through the American Rescue Plan Act of 2021. Also known as the COVID-19 Stimulus Package, the bill authorized $1.9 trillion to speed up the United States’ recovery from the adverse economic effects of the COVID-19 pandemic.
The Employee Retention Credit (ERC) is one of the substantial programs available to businesses that EIAG will administer through Go-Credits. In December 2020, the Consolidated Appropriations Act opened the door for PPP loan recipients to apply for the ERC. Participating in both programs can be tricky because an employer cannot claim the ERC on wages it uses to receive PPP loan forgiveness. However, EIAG offers a system that allows a business to participate in both.
“Never before in my 22 - years of managing government-sponsored financial programs, including job creation credits, grants, and other businesses incentives - have I seen such an abundance of government funding available to businesses of all sizes,” said Bryant Colman, Managing Principal of EIAG.
“I have also never experienced so much misinformation about the various government programs,” Colman continued. “There is a real need for accurate, intelligent, and timely guidance. We are in daily communication with businesses, and their CPA firms, informing them of the most recent developments and opportunities.” Unfortunately, many businesses do not believe they qualify for these programs due to misunderstanding the guidelines or being unaware of recent rule changes. As a result, they may be missing out on critical funding to help jump-start their business, make important purchases, or improve cash flow. “With the speed of rule changes and new programs being introduced, it is almost a full-time job to stay current,” said Colman. “The sheer risk of not paying attention is leaving tens of thousands and sometimes hundreds of thousands of dollars left unclaimed.”
"Never before in my 22 - years of managing government-sponsored financial programs, including job creation credits, grants, and other businesses incentives - have I seen such an abundance of government funding available to businesses of all sizes.”
Bryant Colman - Managing Principal EIAG
Colman mentions that businesses and organizations benefiting most from the ERC program include retail & retail franchises, small and mid-size business owners (500 or fewer employees), restaurants, dental practices, physical therapists, architectural firms, specific construction trades, churches, hospitality, and others. “This is a much wider net of eligible businesses than normal. Typically, these incentives are slated for large-tech and manufacturing. Not anymore. These programs are designed for the majority of U.S.-based businesses.” Stated Colman.
EIAG specializes in tracking these programs, creating systems that help businesses initially apply and then manage the reporting necessary to stay in compliance. EIAG also developed a tool called the Funding Plan. Clients are automatically updated on the programs through the Funding Plan as Congress or a state legislature announces new programs, rule changes, funding amounts, eligibility guidelines, or application due dates.
Great opportunity often brings some risk. This is a time for caution and buyer-beware when unknown consultants contact a business about these programs. Many reputable firms in the industry have been managing credits and incentives for decades, similar to EIAG. However, the amount of money available to businesses has created a cottage industry, and many “pop-up” firms appeared on the scene late last year. “When speaking with a potential consultant, make sure to ask how long they have been around, their long-term business strategy, and request references,” Colman advises. “You want to make sure the firm you choose to trust will be around in the event you experience an audit down the road.”
The EIAG team members have secured over $1.2 billion in government grants, tax credits, and other business incentives nationally over the past 20-plus years. With the infrastructure already in place to help existing clients and new businesses apply, EIAG offers a success fee model. This structure is 100% success-driven, which means the client only pays once an incentive is secured. In the case of the ERC, clients never pay fees until after receiving a tax refund or a successful credit claim. This eliminates the financial risk for the business and makes it very easy to move forward.
Economic Incentives Advisory Group (EIAG) is a national firm with clients ranging from Global Fortune 100 companies to small locally owned businesses that need guidance in identifying, securing, and administering tax credits, grants, private foundation funding, and other business incentives.
To learn more about the Employee Retention Credit: www.eiagincentives.com/erc
To learn more about EIAG please contact:
2801 E Camelback Road, Suite 200
Phoenix, AZ 85016
Arizona: (602) 687-7000
California: (916) 823-2813
Bryant Colman: email@example.com