There’s no denying the level of suffering humans encountered due to the COVID-19 pandemic. The loss of many lives, mental anguish, and the daily struggle to make ends meet have put an enormous amount of weight on people’s shoulders, making life seem unbearable.
Self-employed individuals have experienced widespread income losses during the pandemic, causing extreme financial distress and questioning future success. Studies have shown evidence of self-employed workers continuing to work despite dangerous health risks.
Tom Pratt of FFCRA.biz saw a need to help small businesses recover money they lost because of COVID and the restrictions placed on businesses during 2020-2021. He says he discovered the 2020 Cares Act created a way for the self-employed to access Tax Credit refunds of up to $32,000 which never need to be paid back.
The Family First Coronavirus Response Act (FFCRA) offers advice and Certified Accountants to help amend back taxes, stating the program began when the Employee Retention Credit Program (ERCP) began. The ERCP program was for businesses with at least five or more W-2 employees, and the eligibility is much more strict than FFCRA.
Pratt states, “The FFCRA Program is designed for the self-employed specifically, but virtually no one has heard of it, so I am trying to get the word out.” His background of almost 40 years in sales and marketing and franchise sales gives him the expertise to help.
Pratt was inspired to help self-employed individuals across the Peak to Peak region. On May 1, 2023, Pratt began his journey to help others. FFFRCA.biz services are available to anyone self-employed who paid payroll taxes. Pratt mentions eligibility factors and things it all depends on, including the business not owing back taxes.
The refund is based on income between 2019 and 2021, the number of days a person quarantined, how long their children’s schools were closed, how many days they lost due to COVID-19, and how much time they experienced symptoms or had to take care of others.
The refund is non-taxable and minimal documentation is needed to verify this claim. However, claims start with an IRS-created document specifically for the program.
“Since I have lived in Nederland and Rollinsville for 40 years, I have a personal interest in helping the community I live in. Few businesses are doing this or are even aware this program exists,” shares Pratt.
Through a partnership with Robert Gardner, owner of multiple marketing campaigns, the company has grown 20% since its inception. The FFRCA program ends by April 4, 2024, but Pratt says he sees other avenues to introduce businesses to cost savings.
Pratt shares, “As a salesman, I usually have had to ask people to spend money on an item or service, but with this plan, we don’t ask for payment until the business receives their money from the IRS.”
Pratt continues, “The government mandates and shutdowns profoundly hurt the small businesses more than any other segment of our population, many of which are still recovering or will never recover. My hope is to help as many of them as possible get some relief.”
FFCRA is located in Black Hawk. To learn more, visit https://ffcra.biz/ en/. You can email Tom Pratt at im.tpratt@yahoo.com or call 1-877-291-4222.
