Among the findings conducted by Atomik Research:

Nearly 9 in 10 (89%) of those surveyed say that between the pandemic, inflation and labor shortages, they feel it is nearly impossible for small businesses to thrive in today's economy.
Almost 9 in 10 (89%) respondents say the surge in operating expenses and/or the cost of goods have made paying employees a competitive wage unaffordable.
83% of respondents feel the early 2020s have been the worst time for small businesses since the Great Depression.
81% of business leaders and decision-makers indicated that business is suffering because they lack knowledge of or adequate counsel on accounting procedures, financial planning and related business tasks.
Nearly a third (31%) of survey respondents indicate that the tax or financial experts who typically assist with their business's tax needs did not provide accurate or enough information regarding the ERC.
45% of respondents who believe they are ineligible to claim ERC benefits, believe their business is ineligible because they have already applied for a Payment Protection Program (PPP) loan.

Omega says the survey results indicate that small businesses are often underserved when it comes to tax credits. Most executives lack expert guidance in accounting and finance, leaving them to rely on outdated information or form misconceptions that may prevent them from utilizing tax advantages.

Instant Insights /

Small businesses struggle with ERC tax credit submissions

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