STATE:

Why NFIB

Take Action

Get Support

Stay Informed

Podcast Podcast

Careers Careers

Join Now

Home / News / Press Release /

New Video: Small Business Owner Explains Impact of ERTC Benefits, Cancellation

November 22, 2022

New Video: Small Business Owner Explains Impact of ERTC Benefits, Cancellation

WASHINGTON, D.C. (Nov. 22, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video featuring Jerry Akers, a small business owner in Iowa, explaining how his business planned its financial year around the Employee Retention Tax Credit and was negatively impacted by the unexpected cancellation of the credit during the fourth quarter of 2021. The Employee Retention Tax Credit (ERTC) was created in 2020 to aid small businesses during the COVID-19 pandemic by offering small businesses a tax credit to offset the cost of payroll taxes on employees, thereby enabling small businesses throughout the country to keep their workers employed. Originally, the ERTC was set to expire on January 1, 2022, allowing employers to claim the tax credit for all four quarters of 2021. Unfortunately, on November 15, 2021, the Infrastructure Investment and Jobs Act retroactively moved the ERTC expiration date to October 1, 2021, terminating the fourth quarter tax credit that so many small businesses had been depending on. Akers explains: “We saw [the ERTC] as a real opportunity to solidify the lives that our employees were leading and make sure they were well taken care of. So, we based everything we were going to do moving forward on using the ERTC to bring back our employees to full time status, to give them raises so that they were making an increased income, and to increase their benefits. So, the ERTC was exceptionally powerful in saving our business, of course, but also in enhancing the lives of the 200 employees, many of whom are single moms, that were depending on our company for employment…My message to Congress regarding ERTC would be twofold. Number one: Thank you. The ERTC allowed us to take much better care of our employees during a very difficult time, enhancing their pay as well as their benefits, and improving the lives of their families…The other side of that, of course, is: you simply cannot make promises to the American public, in particular business owners, and then at the last moment pull them back.” According to NFIB’s March COVID-19 Small Business Survey, a fifth of small employers claimed the ERTC for wages in 2020, and another 18% claimed the ERTC for wages in 2021. You can view the new video here: Small Business Owner Explains ERTC Benefits and Needed Improvements from NFIB Video on Vimeo.

Topics:

In Their Own Words

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

March 17, 2026

Small Businesses Urge Congress to Pass Affordable Health Care Plan

NFIB sends a legislative health care plan to Congress outlining several policies to lower health care costs and expand affordability for small businesses.

March 17, 2026

Wage Garnishment: Tips to Ensure Compliance

Learn about wage garnishments, legal responsibilities, and avoiding penalties with the NFIB Small Business Legal Center’s recent blog.

March 17, 2026

Small Business Optimism Sees Slight Decline in February

The February Small Business Economic Trends report sees a slight decline in small business optimism while job openings and actual sales changes increased. Lear…

March 17, 2026

2026 State Legislative Trends Affecting Small Businesses

NFIB experts join the Small Business Rundown podcast to discuss state legislative trends, wins, challenges, and how state policies affect federal legislation.

New Video: Small Business Owner Explains Impact of ERTC Benefits, Cancellation

Related Articles