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IRS commits to expedite $10 billion in backed-up COVID relief to assist businesses impacted by hurricanes


Small-business owners in the Southeast impacted by hurricanes are awaiting long-delayed pandemic aid. The IRS is processing over 400,000 claims worth $10 billion under the Employee Retention Credit program. The agency is working to accelerate review processes for these claims, prioritizing those in hurricane-affected regions. Despite no concrete timeline, the IRS is urging applicants to check their statuses and contact the Disaster Hotline if needed.

Owners like Maia Toll and Andrew Celwyn, who run an apothecary in North Carolina, have applied for the tax credit to recover from pandemic-related losses and hurricane damages. However, their store remains without water and internet after recent storms, impacting employees and sales. The couple is facing financial challenges due to loans taken out to cover expenses.

Toll and Celwyn are among many small-business owners who sought assistance through third-party firms to apply for the ERC program, leading to additional financial burdens. The delays in processing claims have been attributed to fraudulent activities, resulting in resource-intensive efforts to validate applications.

Efforts are being made to expedite the review process and provide aid to businesses struggling in the aftermath of the pandemic and natural disasters. Small-business owners are hopeful that receiving the ERC refunds will help alleviate financial strains and allow them to recover and rebuild their businesses.

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www.nbcnews.com

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