WizeHire Announces Initiative to Help Small Businesses Access Thousands of Refundable Tax Credit Dollars When they Hire
Since the pandemic began, I’ve been talking to a lot of small businesses like yours and I’ve been hearing the same things; Mainstreet is working hard to get back on its feet, but everyone could use more support.
From one business owner to another, I wanted to make sure you have access to every tool and resource larger companies have to empower you through the economic recovery.
That’s why I’m thrilled to announce that we’ve launched an initiative that helps you claim thousands of dollars in refundable tax credits.
The Work Opportunity Tax Credit (WOTC) is a federal incentive for employers to hire individuals from targeted groups that have faced significant barriers to employment, including veterans and the long-term unemployed (those who have been jobless for 27 weeks or more.)
This year, the WOTC was extended until 2025, paving the way for more small businesses to take advantage of this opportunity.
As of March, 43% of all unemployed workers may be WOTC eligible.
In recent weeks, 1 in 3 employers on WizeHire has already qualified for these tax credits, helping to bring thousands of dollars to reopening businesses.
Why does this matter to your business right now?
- Businesses can receive between $2,000 and $9,600 per eligible hire.
- Nearly half of new hires in the coming months could qualify your business for WOTC.
Why aren’t more businesses applying?
Nearly 85% of companies that qualify for these tax credits never apply because business owners either don’t know the program exists or the paperwork is too complicated to fill out.
How does WizeHire help?
We didn’t want complex systems or unnecessary barriers to prevent you from getting the much-needed funds you’re entitled to during this difficult time. That’s why we partnered with RetroTax to handle the paperwork if you’re eligible—at no upfront cost to you. (For full details, check out this article.)
When we announced our Series A we said, “The pandemic has shown us that now more than ever small businesses need more support.”
We’ve always believed in the power of small businesses to lift up communities and change people’s lives. Helping you get the dollars you deserve is just one more way we continue to show our support to you.
Check out the full press release here.