The Employee Retention Credit (ERC) is a tax credit available for small business owners, LLC’s, S-Corps or 1099 employees. Think of it as a stimulus for your business, designed to support those impacted by the pandemic.
BENEFITS OF THE ERC
WILL NOT RUN OUT
Unlike the PPP, funding is unlimited. Anyone who qualifies and applies, will receive their credit
IT’S NOT A LOAN
You don’t need to worry about paying this back, or tracking how you use it. The money is yours
APPLYING IS EASY
Our team at COS Accounting will take care of all the boring details. We just need some information from you
HOW MUCH CAN I CLAIM?
The ERC will put thousands of guaranteed dollars in your pocket
FAQ
Are the funds limited (like PPP)?
No, any small business can receive the funds, but you have to apply before December 31st
How much is the credit?
The credit is worth up to $5,000 per employee for 2020, and $7,000 per employee for each quarter of 2021. As long as you still qualify, you can claim it all year.
How long does it take to receive the funds?
Right now, it typically takes 12-16 weeks for the money to arrive in your account
Can I get the ERC if I got the PPP loan?
Yes! The new stimulus package allows any business that claimed the PPP to also claim the ERC
Is the ERC a loan?
The ERC is NOT a loan. It is a tax credit, meaning you don’t need to pay it back or track your spending
What Information do you need from me?
We ask questions to understand your business better, things like how coronavirus impacted your business, if you have received unemployment or PPP funds, and if you are married or have kids. All of this is to maximize your earning potential from the ERC.
Schedule a call with an accountant to get all your questions answered
How is this different from the PPP?
There are many differences between the ERC & PPP, check out our PDF guide to learn about some of the key differences
HAVE MORE QUESTIONS?
Schedule a call with a tax expert who will help you understand the ERC Tax Credit, answer your questions, and help you qualify.
COS worked with me and helped me get the ERC check in a timely fashion. They also helped me restructure 2 of my companies. Thanks COS.
- Gary D
Honestly, such a trustworthy firm. Great for setting up S-Corporations or LLCs, super smooth process for my wife and I. Looking forward to all our savings!
- Cooper B
Very organized accounting firm and will do anything to make sure that you have a great experience. They want to help you in any way that they can.
- Tanner C
