AAHOA joined more than 100 organizations representing different industries and nonprofits in urging Congress to reinstate access to the Employee Retention Tax Credit (ERTC) from the fourth quarter of 2021. As many hotel owners know, the ERTC was introduced two years ago to help small businesses stay afloat and keep employees on payroll during the pandemic crisis.
However, the Infrastructure Investment and Jobs Act moved the expiration date of the ERTC program from January 1, 2022 to September 30, 2021, making employer wages paid during the fourth quarter of 2021 ineligible for the credit.
Lawmakers from both chambers and sides of the aisle are proposing the Employee Retention Tax Credit Reinstatement Act. This bipartisan legislation would allow small businesses to claim the credit initially promised to them for the fourth quarter of 2021. Reinstating the ERTC restores financial assistance to critical players in the U.S. economy, including hotels and many other small businesses.
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