Fountainhead PPP Funding – Claim Employee Retention Credit | PPP Loan Application

Employee Retention Credit claim up to $26,000 per employee. Fountainhead PPP Funding. Even if you have already claimed for PPP Loan Application. How to claim Employee Retention Credit or ERC for your business.

About The ERC Program
What is the Employee Retention Credit (ERC)? Fountainhead PPP Funding

ERC is a stimulus program made to assist those companies that were able to maintain their workers during the Covid-19 pandemic.

 

 

Established by the CARES Act, it is a refundable tax credit– a grant, not a loan– that you can claim for your business. Fountainhead PPP funding. The ERC is offered to both tiny and mid sized businesses. It is based on qualified salaries and healthcare paid to employees

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Up to $26,000 per  staff member
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Available for 2020  and also the  initial 3 quarters of 2021
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Qualify with  reduced  profits or COVID event
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No  limitation on  financing
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ERC is a refundable tax credit.

Just how much money can you come back? Fountainhead PPP Funding

You can claim as much as $5,000 per staff member for 2020. For 2021, the credit can be approximately $7,000 per staff member per quarter.

 Just how do you know if your business is eligible?
To Qualify, your business must have been negatively impacted in either of the  adhering to  means:
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A government authority  needed partial or full  closure of your business during 2020 or 2021. Fountainhead PPP funding.  This includes your procedures being restricted by commerce, lack of ability to take a trip or constraints of group conferences
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Gross receipt  decrease  standards is  various for 2020 and 2021,  however is measured  versus the current quarter as compared to 2019 pre-COVID amounts
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A business can be  qualified for one quarter  and also not  an additional
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Initially, under the CARES Act of 2020,  organizations were  unable to  receive the ERC if they had  currently  obtained a Paycheck Protection Program (PPP) loan.  Fountainhead PPP funding.  With new regulations in 2021, companies are currently eligible for both programs. The ERC, however, can not apply to the exact same incomes as the ones for PPP.

Why Us?
The ERC  undertook  a number of  adjustments  and also has  several technical details,  consisting of  exactly how to determine  professional  incomes, which  workers are  qualified, and  extra. Fountainhead PPP funding.  Your business’ certain situation could require even more extensive evaluation and analysis. The program is intricate as well as could leave you with numerous unanswered questions.

 

 

We can help make sense of it all. Fountainhead PPP funding.  Our specialized experts will lead you and outline the steps you need to take so you can take full advantage of the claim for your business.

GET QUALIFIED.

Our  solutions  consist of:
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 Detailed evaluation  concerning your  qualification
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 Detailed analysis of your  insurance claim
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 Support on the claiming  procedure  as well as  documents
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Specific program expertise that a  routine CPA or  pay-roll  cpu  may not be  skilled in
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Fast  and also smooth end-to-end  procedure, from  qualification to  asserting  as well as  getting refunds.

 Devoted  experts that  will certainly  translate  very  intricate program rules  and also will be available to  address your  inquiries, including:

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 Exactly how does the PPP loan  variable  right into the ERC?
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What are the  distinctions  in between the 2020 and 2021 programs  as well as  just how does it  relate to your business?
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What are  gathering  policies for larger, multi-state  companies,  and also how do I  analyze multiple states’ executive orders?
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Just how do part time, Union, and also tipped employees affect the amount of my reimbursements?

Ready To Get Started? It’s Simple.

1. We  establish whether your business  receives the ERC.
2. We analyze your  insurance claim  as well as  calculate the  optimum  quantity you can  get.
3. Our team  overviews you through the  asserting  procedure, from beginning to  finish, including  correct documentation.

DO YOU QUALIFY?
 Address a  couple of  easy questions.

 ROUTINE A CALL.
Frequently Asked Questions (FAQs).

What period does the program cover?
The program started on March 13th, 2020 and upright September 30, 2021, for eligible employers. Fountainhead PPP funding.
You can  get refunds for 2020  as well as 2021 after December 31st of this year,  right into 2022  as well as 2023. And potentially  past then  as well.

We have customers that got refunds only, as well as others that, along with refunds, likewise qualified to continue getting ERC in every payroll they process with December 31, 2021, at about 30% of their payroll price.

We have clients who have gotten reimbursements from $100,000 to $6 million. Fountainhead PPP funding.
Do we still Qualify if we already took the PPP?
Do we still Qualify if we did not  sustain a 20% decline in gross  invoices?
Do we still Qualify if we  stayed open during the pandemic?

The federal government established the Employee Retention Credit (ERC) to  offer a refundable  work tax credit to  aid  services with the  expense of  maintaining  team  utilized.

Eligible services that experienced a decrease in gross receipts or were closed due to government order as well as didn’t claim the credit when they filed their initial return can take advantage by submitting modified work income tax return. For example, services that submit quarterly employment income tax return can submit Form 941 X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for RefundPDF, to claim the credit for prior 2020 as well as 2021 quarters. Fountainhead PPP funding.

With the exemption of a recoverystartup business, the majority of taxpayers ended up being disqualified to claim the ERC for earnings paid after September 30, 2021. A recoverystartup business can still claim the ERC for earnings paid after June 30, 2021, as well as prior to January 1, 2022.

 

What Is The Employee Retention Credit (ERC), And How Does The Program Work?

When the Covid 19 pandemic began, as well as organizations were compelled to shut down their procedures, Congress passed programs to supply financial assistance to companies. One of these programs was the worker retention credit ( ERC).

The ERC provides eligible employers payroll tax credit ratings for incomes and also health insurance paid to staff members. When the Infrastructure Investment and also Jobs Act was signed into regulation in November 2021, it put an end to the ERC program.

 Regardless of the end of the program,  organizations still have the opportunity to  insurance claim ERC for  approximately  3 years retroactively. Fountainhead PPP funding.  Right here is an overview of how the program jobs and exactly how to claim this credit for your business.

 

What Is The ERC?

Originally  readily available from March 13, 2020,  via December 31, 2020, the ERC is a refundable  pay-roll tax credit  developed as part of the CARAR 0.0% ES Act. Fountainhead PPP funding.  The objective of the ERC was to motivate employers to maintain their staff members on pay-roll during the pandemic.

Qualifying employers  and also  consumers that  secured a Paycheck Protection Program loan could claim up to 50% of qualified wages, including  qualified health insurance  costs. The Consolidated Appropriations Act (CAA)  broadened the ERC. Employers that qualified in 2021 can claim a credit of 70% in qualified  salaries.

 

Who Is Eligible For The ERC?

Whether or not you get approved for the ERC depends on the moment period you’re obtaining. To be qualified for 2020, you require to have actually run a business or tax exempt organization that was partially or fully shut down as a result of Covid-19. Fountainhead PPP funding.  You also require to show that you experienced a significant decrease in sales– less than 50% of comparable gross receipts compared to 2019.

If you’re trying to  receive 2021, you  have to  reveal that you experienced a decline in gross receipts by 80%  contrasted to the  exact same  amount of time in 2019. If you weren’t in business in 2019, you can  contrast your gross  invoices to 2020.

The CARES Act does prohibit freelance people from asserting the ERC for their own earnings. Fountainhead PPP funding.  You also can’t claim earnings for specific individuals that belong to you, but you can claim the credit for incomes paid to employees.

 

What Are Qualified Wages?

What counts as qualified wages  relies on the size of your business  and also  the number of  staff members you  carry staff. There’s no  dimension limit to be eligible for the ERC, but small  and also large  firms are treated differently.

For 2020, if you had more than 100 full time workers in 2019, you can only claim the salaries of employees you maintained however were not functioning. If you have fewer than 100 employees, you can claim everybody, whether they were functioning or otherwise.

For 2021, the limit was raised to having 500 full time workers in 2019, providing employers a great deal more leeway as to who they can claim for the credit. Fountainhead PPP funding.  Any type of earnings that are based on FICA taxes Qualify, and you can include qualified health costs when determining the tax credit.

This earnings must have been paid in between March 13, 2020, and September 30, 2021. However, recoverystartup services have to claim the credit with the end of 2021.

 

 Exactly how To Claim The Tax Credit.

Even though the program  finished in 2021,  companies still have time to claim the ERC. Fountainhead PPP funding.  When you submit your federal tax returns, you’ll claim this tax credit by filling in Form 941.

Some businesses, especially those that obtained a Paycheck Protection Program loan in 2020, wrongly thought they didn’t get approved for the ERC. Fountainhead PPP funding.  If you’ve currently filed your tax returns and also currently understand you are eligible for the ERC, you can retroactively apply by submitting the Adjusted Employer’s Quarterly Federal Tax Return (941-X).

Given that the tax laws around the ERC have changed, it can make identifying eligibility confusing for numerous business owners. The procedure gets even harder if you have multiple organizations.

Fountainhead PPP funding.  GovernmentAid, a division of Bottom Line Concepts, helps clients with different kinds of financial relief, particularly, the Employee Retention Credit Program.

 

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