A company is helping American businesses reinvest in themselves by claiming a COVID payroll refund. ERC is a government stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic. Established by the CARES Act, it is a refundable tax credit – that anyone can claim for their business. Up to $26,000 per employee. Refund can be used for any purpose. Qualify with a disruption in business operations or a revenue decline.
Any Company can receive refunds even if they received PPP with zero upfront fees. The program began on March 13th, 2020 and continues to September 30th, 2021 for eligible employers. Anyone can apply for refunds for 2020 and 2021 after December 31st of this year, into 2022 and 2023. And potentially beyond then too. There are clients who received refunds only, and others that, in addition to refunds, also qualified to continue receiving ERC in every payroll they process through September 30, 2021, at about 30% of their payroll cost. Some clients have received refunds from $100,000 to $6 million.
Under the Consolidated Appropriations Act, businesses can now qualify for the ERC even if they already received a PPP loan. Note, though, that the ERC will only apply to wages not used for the PPP. Any business qualifies for the ERC, if it falls under one of the following: A government authority required partial or full shutdown of business during 2020 or 2021. This includes all operations being limited by commerce, inability to travel or restrictions of group meetings. Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
To qualify, a business must have been negatively impacted in either of the following ways: A government authority required partial or full shutdown of any business during 2020 or 2021. This includes operations being limited by commerce, inability to travel or restrictions of group meetings. Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts. A business can be eligible for one quarter and not another. Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs.
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