The ERC benefits helped Lomita Feed retain workers and cover costs amid the pandemic when fears of a feed shortage nearly put the industry into supply shock.
Sep 28, 2022
DES MOINES, Iowa, September 28, 2022 (Newswire.com)
With help from Innovation Refunds, the industry leader in turnkey tax solutions, California-based Lomita Feed successfully obtained critical Employee Retention Credit (ERC) funding. The 101-year-old animal feed storefront used the ERC benefits to retain employees and cover expansion costs throughout the COVID-19 pandemic.
Lomita Feed owner Bill Lockwood first heard about Innovation Refunds through a radio ad. With the pandemic in full swing, feed stores in the U.S. began experiencing the effects of the supply chain shortage. Lockwood, along with other feed store owners, urged buyers to minimize over-shopping as inventories reached critical levels across the country.
By guiding Lockwood and his team through the ERC application process, Innovation Refunds connected Lomita Feed with critical ERC funding to expand the original storefront to include the Doc Gunner Saddlery. Named after one of Lockwood’s late horses, Gunner, the saddlery was launched in tandem with the Doc Gunner Foundation.
Lockwood, driven by his passion for rescuing animals, expressed his gratitude for the Innovation Refunds team’s assistance during such a stressful period, saying, “Innovation Refunds made it very simple. Just had to get a few of my records together, submit that, and they made it as painless as possible. It allowed us to keep the amount of people that we needed.”
Lockwood’s plans include helping underprivileged children learn to ride and take care of horses through the Doc Gunner Foundation, made possible by the increased profits from the expanded storefront. He also plans to dedicate a percentage of all sales to Hyperkalemic Periodic Paralysis (HYPP) research. “I believe that you take care of the people that take care of you,” added Lockwood. “The community has taken care of us. The employees have allowed that to occur. Because of that, I had a responsibility to take care of all of them as well.”
“Our team is thrilled to hear about Lomita Feed’s expansion project and charitable efforts made possible through ERC relief,” said Howard Makler, CEO of Innovation Refunds. “Stories from mission-driven companies like Lomita Feed are great reminders as to why we are helping small and midsize businesses with their claims.”
To learn more about Innovation Refunds’ mission to help small and midsize businesses secure funding through government relief programs, please visit www.innovationrefunds.com.
About Innovation Refunds
Our mission is to assist small and medium-sized businesses to attain cash incentives from federal and state governments.
Innovation Refunds began providing its services in 2020. Since then, it has been able to provide financial solutions to thousands of companies, with billions in cash refunds available for small and medium-sized businesses.
Source: Innovation Refunds