CEO/CFO/PRESIDENT/FOUNDER/BUSINESS OWNER: if you have not yet checked your company’s ERC eligibility, or have been advised you do not qualify, we should talk.
The Employee Retention Credit (ERC) originated with the CARES Act. It is a refundable tax credit – a grant, not a loan – that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees. You can claim up to $5,000 per employee for 2020. For 2021, the credit can be up to $7,000 per employee, per quarter. Even if your business did not report a decline in revenue or was deemed “essential” you can still qualify. Learn more here.
Some ERC Eligibility Examples Include:
• Change in business hours
• Partial or full suspension of your operations
• Shutdowns of your supply chain or vendors
• Reduction in services offered
• Reduction in workforce or employee workloads
• A disruption in your business (division or department closures)
• Inability to visit a client's job site
• Suppliers were unable to make deliveries of critical goods or materials
• Additional spacing requirements for employees and customers due to social
distancing
• Change in job roles/functions
• Tasks or work that couldn't be done from home or while transitioning to remote
work conditions
• Lack of Travel
• Lack of Group Meetings
The key considerations are...
Due to the government order of partial or full suspension, was your business NOT able to continue its activities in a comparable manner and did that result in a more than nominal impact on your business operations?
If you answered yes to any the above, reach out to us and find out how we can help you maximize your refund.
Contact us today to learn more.
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