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Considering that manufacturing is the second-highest targeted sector for cyberattacks, now is the time for every fabricator, no matter how small, to step up its cybersecurity capabilities.

The ERC, the CARES Act, the PPP, and the WOTC—the rules of each are numerous and can seem complex, but it’s important to know that manufacturing businesses that thrived despite the pandemic aren’t excluded.

The rules that govern the Employee Retention Credit have changed, and generally the new rules have expanded the number of companies that can claim it. Still, myths and misconceptions are common. Columnist Myron Moser clears up several of them in this issue.

Manufacturers that have experienced losses in revenue and other business disruptions from the pandemic can seek relief in a tax reduction, the Employee Retention Credit. Beyond using it to make up for past losses, astute manufacturers can use this opportunity to reinforce their supply chains to be better prepared for the next disruption.

Congress continues to support the economy through bills that assist employers, one of the latest being the Employee Retention Credit. Contributing author Myron Moser describes the plan and helps to ward of the myths and misinformation about it.

Although globalization has been making manufacturing ever more difficult for U.S. companies, the federal government recognized the value of this sector in the 1980s, and it is rediscovering manufacturing’s importance again in 2021. Tax incentives for innovation have been available for decades, and talk of reshoring has made its way to Washington, D.C.

The new year and the new White House administration certainly will bring changes in federal policy. Working from the tax environment of 2020 provides some insights as to what the manufacturers can expect in 2021. Here are four strategies.

Many manufacturers hustled to innovate when COVID-19 hit. Assessing challenges and embracing risks accelerated during this time. If at all possible, manufacturers should continue to maintain the momentum of innovation, preparing for a postpandemic world.

Industry 4.0, digitization, networks, industrial internet of things, and connectivity—these are still somewhat new, but they already are staking out an important place in U.S. industry. Adopting these technologies isn’t inexpensive, but in the 1980s Congress realized that U.S. businesses could use some help and it enacted the R&D Tax Credit to help offset the costs of such investments.

The shortage of skilled labor is nothing new, but it’s more acute now than ever. The unemployment rate is at a historic low, and schools aren’t turning out enough graduates with knowledge in STEM fields. Solutions lie in investing in robotics and automation.

The Research and Development Tax Credit saves U.S. businesses $10 billion every year and has helped manufacturers and suppliers across the country, including many in the automotive industry supply chain, to reinvest in their businesses. Those companies who use innovative approaches to design, test, and produce likely qualify for government-provided tax incentives that can help their business take the next step toward success.

Enacted in the 1980s, the R&D tax credit is an incentive created by Congress to help U.S. industry where it needed help the most: where innovation happens. This isn’t just for Fortune 500 companies or other big businesses, but small companies like yours as well. The real action in innovation and job expansion happens among the countless small companies that have just dozens of employees, so why not take advantage of this tax break?