Wheeling, W.Va. (WTRF) – We all remember when our lives slammed on the brakes—and few felt it more than restaurants.
About two years ago, corona went from being a popular item on the drink menu to a months-long nightmare that destroyed the industry single-handedly.
Many were forced to lock their doors for good, but now the government is telling those who pushed on that they owe them one.
That’s where the retention credit comes in—allowing them to recoup their months without customers in a big way.
Our average refund for a client right now is about $130,000.Jeff Yourkovich, Owner of Yourkovich & Associates
Wheeling CPA Jeff Yourkovich says the money isn’t just limited to food establishments either.
The two ways to determine if you’re eligible involve a look at your income and whether the government enforced measures on your business.
So places that had limited capacity, or were shut down entirely at some point between 2020 and 2021, are prime candidates.
For that time frame, every single bar and restaurant in the state of West Virginia, if they had employees and paid those employees during that time, is eligible for this credit.Jeff Yourkovich, Owner of Yourkovich & Associates
Even businesses labeled essential can apply if they can show they had a bad quarter.
We actually had a roofing contractor that their sales significantly went down, mostly because they couldn’t get product. They were able to get $800,000.Jeff Yourkovich, Owner of Yourkovich & Associates
There are some details to be ironed out first, including PPP loans and different rules the last two years.
And while not everyone can benefit from the program, Yourkovich says he’s talked to many people who realized they almost missed out on a huge pay day.
And what’s really been disappointing is knowing that there’s businesses out there that haven’t even been told they were eligible, or did not discuss this when they were getting their taxes done, and maybe the accountant didn’t know about the eligibility because of the rule changes.Jeff Yourkovich, Owner of Yourkovich & Associates
In the medical, political and economic mess of COVID-19, small businesses are among the many who haven’t been able to catch a break.
But it looks like these credits could be their ticket to a future where they never have to tape off a barstool ever again.
Yourkovich is offering free consultations for interested businesses. You can call 304-232-0985 or visit his Elm Grove office at 246 Kruger St.