You’ve heard about the Employee Retention Credit. It is one of the largest small business stimulus programs in U.S. history. We’ll tell you more about it here. We can turn your interest and excitement into answers and results. We can answer the question, “Does this apply to me?” and “Can I get the Employee Retention Credit if I got PPP money?” The results are refund checks from the IRS, the likes of which you’ve never seen before.
Employee Retention Tax Credit
How Does This Apply To Me?
Different credit rules apply to companies who have 100 or fewer full-time employees, compared to those with 101-500 full-time employees. People who own (or have an ownership stake) in multiple businesses may qualify.
For example, if your qualified business has a wage expense of $100K per quarter in 2021, a credit in the form of a check from the IRS would equal about $50K. This would result in a refund of about $200K per year for businesses meeting the qualification requirements for all four quarters.
What Is The Employee Retention Credit?
The Employee Retention Credit (ERC) is an incentive created in March of 2020 to offer financial help to businesses significantly impacted due to COVID. It applies to businesses with a significant decline in business revenues, or a business that operated at a reduced capacity due to a government-mandated shutdown.
The Next Step
Have a live conversation with an expert at R. Jeffrey & Associates, Inc. to see if you qualify. Our goal is to have you end up knowing what ERC is, how much it is, and how you get it.
Please call us at 847-813-6622. We look forward to speaking with you.