Unlock Significant Savings for Your Credit Union: How the Employee Retention Credit (ERC) Could Benefit You
A guide on how credit unions can claim the ERC for potential savings of up to $21,000 per employee in 2021, with the deadline approaching quickly.
“Get Expert Help with Your ERC Application”
How the Employee Retention Credit (ERC) Can Boost Your Bottom Line
Did you know that your credit union could be eligible for a substantial financial boost by claiming the Employee Retention Credit (ERC)? If you haven't explored this opportunity yet, you might be missing out on up to $21,000 per W-2 employee for the 2021 tax year. This could translate into hundreds of thousands of dollars that could support your credit union's operations and growth.
Why Credit Unions Should Take Advantage of the ERC Now
Initially, government instrumentalities, including credit unions, were not eligible for the ERC. However, recent changes have now opened the door for these institutions to claim this lucrative credit. For example, if your credit union has 30 employees, you could potentially receive up to $630,000 by claiming $21,000 per employee.
With the April 15, 2025 deadline approaching, it's crucial to act swiftly to ensure your credit union doesn't miss out on this opportunity. The IRS has announced that it will begin processing a backlog of claims and will prioritize valid and low-risk claims for quick payouts.
Is Your Credit Union Eligible for the ERC?
Determining eligibility for the ERC involves evaluating whether your credit union was significantly impacted by the COVID-19 pandemic. Key questions to consider include:
• Did your credit union experience a significant drop in income during 2021?
• Were branches or the entire credit union closed due to government orders?
• Did you have to reduce employee hours to comply with capacity limits?
If you answered "yes" to any of these questions, your credit union might be eligible to claim the ERC. The credit is available even if your credit union received PPP loans or other government aid during the pandemic.
Why You Shouldn't Delay
The process of reviewing your eligibility and filing for the ERC can be complex, but it's a step worth taking. With the IRS focusing on clearing claims quickly, starting your application now ensures you stay ahead of the curve. Given the potential financial impact, delaying could mean missing out on critical funds that could enhance your credit union’s ability to serve its members.
Get Expert Help with Your ERC Application
Navigating the ERC application process can be challenging, but you don't have to do it alone. Our team of experts has successfully worked with credit unions across the United States, helping them review their financial reports, government orders, and other documentation to determine eligibility for the ERC. Best of all, there's no cost for an initial review.
If your credit union qualifies, we can assist with the next steps or provide you with the necessary forms to file your claim independently.
Don’t miss out on this opportunity! Reach out to our ERC team of experts who have extensive experience working with credit unions.
Secure Your Credit Union’s Financial Future Today
The ERC presents a rare opportunity for credit unions to recover significant funds that can be reinvested into member services, technology upgrades, and operational improvements. With the April 15, 2025 deadline approaching, the time to act is now. Ensure your credit union is not leaving money on the table—get started on your ERC claim today!
Contact EIAG at (602) 687.7000 to get started.