Many Restaurants Are Unaware of this Tax Credit

The Employee Retention Credit is a refundable tax credit that was created during the pandemic for employers who experienced difficulties in 2020 and 2021 as a result of COVID shutdown orders and related economic disruptions. Dominion wanted to get the word out to restaurant owners and to ensure they are taking advantage of this little-known tax credit because they may be eligible for up to $26,000 per employee. Even if businesses applied for and received PPP loans, they can still qualify for the ERC. In fact, unlike the PPP assistance that had a limited fund pool, any company that qualifies for the ERC is legally entitled to that money. 

Typically our company recommends any restaurant that has more than five employees and experienced any kind of hardship during the pandemic be formally assessed by a qualified tax professional. From what Dominion has found to date, if a restaurant received PPP, they're likely to qualify for ERC. The potential upside of such a large credit makes it…