The PPP Isn’t The Only Financial Relief For Your Business

From maintaining staff and security safety to taking proper infection or safety precautions, your company endured numerous challenges during COVID-19. As a small business owner or CEO, you’re grasping at PPP loans and any other support that’s available.

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The Consolidated Appropriations Act and American Rescue Act allow you to claim the Employee Retention Credit even if you’ve already received or will receive a PPP loan. Our professional tax team is ready to help you claim this valuable financial assistance opportunity. Just answer X questions to get started!

How It Works

Answer X Questions

Complete our fast X-question quiz to see whether your business is eligible to claim the ERC credit.

Get Your Results

Once you’ve completed the short quiz, an onboard specialist will contact you as soon as possible to review your company’s ERC eligibility.

Claim Your Savings

If you’re found eligible, we will collect all the necessary documentation and help you claim your ERC savings!

Top ERC Questions From Other Business Leaders

What is the Employee Retention Tax Credit (ERC)?

The ERC is a refundable tax credit that is applied against certain employment taxes (Social Security, Medicare, etc.) of qualified wages paid to employees by coronavirus-impacted employers.

How does the ERC help companies?

The Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) were introduced in March of 2020 as part of the CARES Act to relieve the economic impact of COVID-19 on businesses and nonprofit organizations.

Doesn’t the CARES Act mean I can’t receive a PPP loan and the ERC tax credit?

Although the CARES Act originally disqualified employers who received a PPP loan from receiving the ERC, the Consolidated Appropriations Act signed in December of 2020 retroactively eliminates this limitation and extends the ERC through the first two quarters of 2021.

This means that businesses that received a PPP loan in 2020 can now explore potential ERC savings for both 2020 and 2021.

What are the eligibility requirements for the ERC?:

Business owners who wish to claim the Employee Retention Credit must meet one of the following qualifications:

  • The employer must have fully or partially suspended operations due to government orders related to COVID-19. Only wages for the suspension period are eligible.

  • The employer must have experienced a decline of 50% or more in gross receipts in 2020 compared with the same period in 2019. Employers are eligible on the first day of the quarter that meets this criteria. Employers are ineligible on the first day of the quarter in which their gross receipts are more than 80% of receipts for the same period in 2019.

  • In 2021, the company must have experienced a decline in gross receipts of more than 80% for the same period in 2019. Employers may also use the immediately previous quarter to determine their 2021 eligibility.

How much can I receive with the Employee Retention Credit (ERC)?

The amount of the Employee Retention Credit differs between 2020 and 2021.

For amounts paid between March 13, 2020 and December 31, 2020, the ERC credit is equal to 50 percent of qualified wages with a maximum of $10,000 in wages per employee for 2020. The maximum credit for 2020 is $5,000 per employee for 2020.

For amounts paid between January 1, 2021 and December 31, 2021, the ERC credit is equal to 70 percent of qualified employee wages, with a maximum of $10,000 in wages per employee per quarter in 2021. The maximum ERC credit is $28,000 per employee for 2021.

Can the same wages be used to calculate the amount of PPP loan forgiveness and ERC?

Wages that are used to calculate PPP loan forgiveness amounts cannot also be used to determine the ERC credit amount. Similarly, wages that are used to calculate in ERC computations cannot be used to determine PPP loan forgiveness amounts.

What is considered qualified wages?

The ERC is based on qualified wages which is dependent on the amount of staff employed by your company in 2019.

If you averaged over 100 employees in 2019, qualified wages includes employee wages & healthcare costs paid to employees who did not provide services when your operations were suspended or during periods of qualifying decline in gross receipts.

If you averaged less than 100 employees in 2019, qualified wages includes employee wages and healthcare costs paid to any employee (in-service or not) when your operations were suspended or during periods of qualifying decline in gross receipts.

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