Rampant fraud halted the employee retention tax credit, while legitimate businesses were forced to close.
Alexis Percival received tens of thousands of dollars from the federal government last year for a pandemic-era tax credit that was supposed to help her restaurant, Kindred, survive.Percival was among hundreds of thousands of business owners nationwide who were — and still are — collectively owed billions by the federal government. A COVID-19 era program launched in 2020 was designed to help businesses like restaurants and retail stores stay staffed as their bottom lines bottomed out.
“Kindred, I firmly believe, would still be open, had we received those funds in a timely fashion,” Percival said in an interview. The credit was meant to provide eligible businesses up to $26,000 per employee on their payroll. Despite its popularity, some lawmakers have pushed to end it altogether amid fears of more
Rep. Goldman and his cosigners praised the IRS for its diligence, but added: “The slow review process and the moratorium have caused significant delays and hardship for legitimate small businesses who have waited years for their credits.” A spokesperson for Goldman, whose Lower Manhattan and Brooklyn district is a destination area for restaurants and bars, said his office had been contacted about $9.4 million in unresolved claims from businesses, four of which have received about $2.6 million in disbursements following his office’s intervention. Ten others were still waiting on action from the IRS.
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