IRS To Hasten $10 Billion Aid To Small Business Owners In Storm-Hit U.S. States

Small business owners in the Southeast waiting for long-delayed pandemic aid are pushing for funds to recover from this fall’s brutal hurricane season.

The IRS also announced tax relief for those in affected regions, including filing and payment extensions for individuals and businesses.

The federal government says more of it is on the way soon, J.J. McCorvey reported for NBC News.

Around 400,000 claims worth $10 billion are being processed for eligible business owners who applied for tax refunds under the COVID-era Employee Retention Credit (ERC) program, the Internal Revenue Service (IRS) said.

While the agency didn’t provide a concrete timeline or geographic details about the applicants, it announced that it’s accelerating work on those claims. The IRS estimated this summer that at least 1.4 million claims were still in the queue.

“Our top priority is to quickly help taxpayers affected by the devastation of Hurricane Helene and Hurricane Milton,” IRS spokesperson Mike Martinez told NBC News.

He also highlighted recently announced tax relief for those in affected regions, including filing and payment extensions for individuals and businesses.

“We understand the urgent need across the federal government to provide financial assistance to small businesses.”

Martinez urged small-business owners in affected communities whose ERC claims are still under review to contact the IRS Disaster Hotline and check the status of their applications.