There’s no doubt that COVID has dealt the nation’s economy a tough blow. Case in point are the sheer number of jobless claims made nationwide since the pandemic began. Just five months ago, unemployment sat around three to four percent. According to the U.S. Bureau of Labor Statistics, in June, states’ unemployment numbers averaged more than nine percent.
If your business is hiring right now, you may very likely be hiring someone who received unemployment insurance this year. Therefore, you may qualify for the Work Opportunity Tax Credit (WOTC).
Individuals who have been unemployed at least 6 months may qualify your company for the WOTC federal tax credit. You could save as much as $2,400 for each approved new hire and in some cases, as high as $5600 for veterans who have been unemployed.
Eligibility is based on a few factors. New hire applications must be submitted within 28 days of their hire date. Additionally, applicants must work at least 120 hours throughout the twelve months following their hire date.
To learn more, feel free to reach out to us or visit us online at www.taxcreditgroup.com.