The Greater Florence Chamber of Commerce has a free program to assist members in the evaluation of available Federal Hurricane Relief Tax Credits.
On December 20, 2019, President Trump signed into law Disaster Relief Act of 2019 (H.R. 1865 (116)). The tax relief legislation includes an employee retention credit to encourage employers affected by Hurricane Florence to retain employees while their businesses regain normal operations.
“Many of our members are not aware of the available tax credits that are based on lost revenue due to the hurricane,” states Greater Florence Chamber President, Michael Miller. “Any business in the disaster area who retained employees and their business was disrupted due to the hurricane is eligible for the tax credits. By offering free evaluation to our members, we are assisting them in maximizing the tax credits that are potentially available to them.”
The free evaluations are being offered to Chamber members along with preferred tax credit vendor Synergi Partners; they can evaluate tax credit eligibility for businesses in affected hurricane disaster areas. Synergi Partners has developed a proprietary “Operational Impact Analysis” which evaluates business revenue loss and other impacts on an individual business basis.
The tax credit can be substantial. A small business with 25 employees could realize as much as $60,000 in tax credits with the amount increasing as the number of employees increase.
“While nearly every business with employees can be eligible for the tax credit, the evaluation to maximize the credit can be very complex,” states Miller. “By offering this free evaluation to our members, we have a unique opportunity to engage with our members in supporting the sustainability and growth of their businesses.”