ERC Status Updates in Real Time
WHAT IS THE ERC?
The Employee Retention Credit (ERC) was authorized under the CARES Act and encourages businesses to keep employees on the payroll
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The 2020 ERC Program is a refundable tax credit of 50% of up to $10,000 in wages paid per employee from 3/12/20-12/31/20 by an eligible employer. THAT’S UP TO $5,000 PER EMPLOYEE!
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The 2021 ERC Program has increased to 70% of up to $10,000 in wages paid per employee per quarter for the first 3 quarters of 2021. THAT’S UP TO $21,000 PER EMPLOYEE!
Once you've applied with us, the next steps are...
Common Misconceptions about ERC Eligibility:
My company doesnt qualify for ERC because it remained open during the pandemic.
The IRS allows numerous circumstances for eligibility based on a "disruption of typical business operations" such as capacity limits, seating distance requirements, etc
My company was an "essential business" and doesn't qualify.
The ERC provides numerous paths to eligibility including revenue loss or operational impact.
My company is a non -Profit organization and we do not qualify
The ERC applies to for-profit and non-profit businesses alike.
My company took advantage of the PPP and does not qualify.
Most of the companies we help receive the ERC also received PPP
My company doesn't qualify since year-over-year sales didnt decline by 20%
Although your sales may not have declined, eligibility may still exist based on other qualifications like local or state restrictions.
The ERC is a loan that I have to pay back.
The ERC is NOT a loan, and you do not have to pay it back. The check you receive from the IRS can be spent for your business needs without restrictions.