A week ago I noticed a raised red spot on my labs rear paw, so I put EMT gel on it thinking it was a cut or instect bite. It's still there, I've tried some antibiotic cream that I had left over from the Vet. It's still there and hasn't changed in size or shape. It bothes him some times when he walks. What could it be?

It could be an interdigital cyst or a foreign body.
Sometimes very small things like grass awns can push up through the bottom of the foot and keep going until completely imbedded and pretty painful.
If it is not getting better and is causing him discomfort, best to get him to the vet and let them inspect the foot.