The Employee Retention Credit (ERC) is a tax credit available for small business owners, LLC’s, S-Corps or 1099 employees. Similar to the $1200 stimulus check taxpayers received, this credit is designed to help small businesses during these trying times.
No, any small business can receive the funds, but you have to apply before December 31st
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
Right now, it typically takes 12-16 weeks for the money to arrive in your account
Yes! The new stimulus package allows any business that claimed the PPP to also claim the ERC
We will need your 941 forms from 2020 (all 4), any documentation related to your PPP loan (preferably your forgiveness form), your 2020 Tax Return if you have already filed, and most importantly, a detailed payroll report, preferably attached as an excel file. You can see samples of all files here
The ERC is NOT a loan. It is a tax credit, meaning you don’t need to pay it back or track your spending
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
Schedule a call with a tax expert who will help you understand the ERC Tax Credit, answer your questions, and help you qualify.
A member of our team will reach out within the next 72 hours.
We will call from the following number: