Getting Business Owners 200K with the ERC Credit with Josh Zieglowsky: An EOFire Classic from 2022 - Entrepreneurs on Fire Recap

Podcast: Entrepreneurs on Fire

Published: 2026-02-15

Duration: 20 minutes

Guests: Josh Zieglowsky

Summary

Josh Zieglowsky explains how the Employee Retention Credit (ERC) can provide significant financial relief to businesses affected by COVID-19, helping them recover up to $200,000 without repayment obligations.

What Happened

Josh Zieglowsky discusses the importance of the Employee Retention Credit (ERC), a COVID relief fund that many business owners are unaware of. Unlike PPP loans, the ERC is not a loan and does not require repayment, making it a valuable resource for businesses recovering from the pandemic.

The ERC was designed to help businesses by providing substantial financial aid, with the potential to offer up to $26,000 per W-2 employee. This credit is available for businesses that experienced a revenue loss, full or partial shutdowns, or supply chain disruptions due to the pandemic.

Josh shares that the ERC has been amended multiple times, allowing more businesses to qualify than initially thought. This includes businesses in Puerto Rico, as long as they have W-2 employees. Despite the program technically expiring, businesses can still amend their tax returns to take advantage of it.

He recounts his discovery of the ERC while seeking stimulus funds for his own business, emphasizing that 80% of businesses might qualify due to amendments like the supply chain disruption clause.

Specific examples illustrate the ERC's impact, such as a food prep company receiving $30,000-$40,000 and a pizza joint securing $400,000, enabling them to expand operations and hire more employees.

Josh urges business owners not to self-disqualify and to explore their eligibility by visiting myercspecialists.com/fire. He highlights that the ERC is a payroll credit, not commonly addressed by CPAs or payroll companies.

The episode emphasizes the importance of seeking professional help to navigate the process, ensuring businesses maximize their potential credit without upfront costs.

Key Insights

• The Employee Retention Credit (ERC) offers up to $26,000 per W-2 employee, a lifeline for businesses hit by COVID-19 that many overlook because it's not a loan and requires no repayment.
• Amendments to the ERC mean even businesses in Puerto Rico with W-2 employees can qualify, widening the net for those who suffered revenue losses or supply chain disruptions.
• While the ERC program has technically expired, businesses can still amend past tax returns to claim credits, a loophole that could mean tens of thousands in unexpected relief.
• Despite the ERC being a payroll credit, it's often missed by CPAs and payroll companies, meaning business owners should seek specialized advice to avoid leaving money on the table.

Key Questions Answered

How can businesses qualify for the Employee Retention Credit on Entrepreneurs on Fire?

Businesses must have experienced a revenue loss, full or partial shutdowns, or supply chain disruptions due to COVID-19. They can qualify for up to $26,000 per W-2 employee through the ERC.

What insight does Josh Zieglowsky share about the ERC on Entrepreneurs on Fire?

Josh Zieglowsky reveals that many businesses are unaware of the ERC, a non-repayable credit designed to help businesses recover from COVID-19 by providing substantial financial aid.

What examples of ERC impact are discussed in the Entrepreneurs on Fire episode?

Examples include a food prep company receiving $30,000-$40,000 and a pizza joint securing $400,000, enabling them to expand operations and hire more staff.