Tracy Lustyan

The CARES Act is just one piece of legislation that helps businesses get some relief from the economic disaster of the COVID-19 epidemic. Other grants, loans, and tax relief programs exist and are available to businesses willing to do some investigation and, in some cases, innovation.

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.

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?