Salons, barbershops, and “solopreneurs” who lost work days due to COVID lockdowns, illnesses, school closures, and quarantines in 2020 or 2021 can still file for retroactive compensation, the Professional Beauty Federation is reminding those in the industry.
“We are really trying to help the industry from hair, nails, and spas get access to these programs that may not know about,” says PBF Marketing & Outreach Director, Jeff Black.
The funds do not have to be paid back. Self-employed beauty independents can file Form 7202 to receive up to $32,200 in federal credits through the Families First Coronavirus Response Act (FFCRA). Salon owners with W-2 employees can receive up to $26,000 per team member through the Employee Retention Credit (ERC).
Forms can be filed directly with the IRS or through a dedicated portal designed for beauty professionals that PBF created with fintech company Adesso Capital. Deadlines for filing the retroactive claims are April 15, 2024 for the tax year 2020, and April 15, 2025 for the tax year 2021.
The IRS’ info sheet on filing for self-employed professionals is here.