PPP Powerpoint – Claim Employee Retention Credit | PPP Loan Application

Employee Retention Credit claim up to $26,000 per employee. PPP Powerpoint. 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)? PPP Powerpoint

ERC is a stimulus program made to assist those services that had the ability to retain their workers throughout 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. PPP powerpoint. The ERC is available to both tiny and mid sized businesses. It is based upon qualified salaries and also medical care paid to staff members

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Up to $26,000 per  worker
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 Offered for 2020  and also the  very first 3 quarters of 2021
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Qualify with  reduced  earnings or COVID  occasion
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No limit on funding
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ERC is a refundable tax credit.

Just how much money can you get back? PPP Powerpoint

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

 Exactly how do you  recognize if your business is  qualified?
To Qualify, your business  needs to have been negatively impacted in either of the  adhering to  methods:
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A  federal government authority required partial or  complete  closure of your business during 2020 or 2021. PPP powerpoint.  This includes your procedures being restricted by business, lack of ability to take a trip or restrictions of team meetings
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Gross receipt reduction  standards is  various for 2020 and 2021, but is  determined  versus the current quarter as compared to 2019 pre-COVID  quantities
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A business can be  qualified for one quarter  and also not another
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 Originally, under the CARES Act of 2020,  organizations were  unable to  get the ERC if they had already  obtained a Paycheck Protection Program (PPP) loan.  PPP powerpoint.  With brand-new regulation in 2021, employers are currently eligible for both programs. The ERC, however, can not relate to the very same salaries as the ones for PPP.

Why Us?
The ERC  undertook  a number of changes  as well as has  several technical  information,  consisting of how to  figure out  professional  earnings, which  workers are  qualified,  and also more. PPP powerpoint.  Your business’ specific case might need more extensive review and evaluation. The program is complex and also could leave you with numerous unanswered questions.

 

 

We can help make sense of  everything. PPP powerpoint.  Our specialized experts will certainly lead you and also describe the actions you need to take so you can optimize the claim for your business.

GET QUALIFIED.

Our  solutions include:
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 Comprehensive  assessment regarding your  qualification
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 Thorough analysis of your claim
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 Advice on the claiming  procedure  as well as  documents
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Specific program  know-how that a  routine CPA or  pay-roll  cpu might not be well-versed in
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 Quick  as well as smooth end-to-end process, from eligibility to  declaring  as well as receiving  reimbursements.

 Devoted  professionals that  will certainly  translate  extremely  complicated program  policies  as well as  will certainly be  readily available to  address your questions, including:

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 Exactly how does the PPP loan  variable into the ERC?
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What are the differences between the 2020  as well as 2021 programs  as well as  exactly how does it  relate to your business?
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What are  gathering  regulations for  bigger, multi-state employers, and how do I  analyze  several states’ executive orders?
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Just how do part time, Union, and tipped workers influence the quantity of my refunds?

 All Set To Get Started? It’s Simple.

1. We  figure out whether your business  gets approved for the ERC.
2. We  assess your  case  and also compute the  optimum amount you can  get.
3. Our  group  overviews you  via the claiming process, from beginning to  finish,  consisting of  correct  paperwork.

DO YOU QUALIFY?
 Respond to a  couple of simple questions.

 ROUTINE A CALL.
Frequently Asked Questions (FAQs).

What period does the program cover?
The program began on March 13th, 2020 and upright September 30, 2021, for eligible companies. PPP powerpoint.
You can  make an application for refunds for 2020 and 2021 after December 31st of this year, into 2022  and also 2023.  And also  possibly  past  after that too.

We have clients who received refunds only, and others that, in addition to reimbursements, additionally qualified to proceed obtaining ERC in every payroll they process through December 31, 2021, at regarding 30% of their payroll price.

We have clients that have gotten reimbursements from $100,000 to $6 million. PPP powerpoint.
Do we still Qualify if we already took the PPP?
Do we still Qualify if we did not incur a 20% decline in gross receipts?
Do we still Qualify if we  continued to be open  throughout the pandemic?

The federal government established the Employee Retention Credit (ERC) to  supply a refundable employment tax credit to help  organizations with the cost of keeping staff  utilized.

Qualified organizations that experienced a decline in gross invoices or were shut because of government order and didn’t claim the credit when they submitted their initial return can capitalize by filing adjusted employment tax returns. For instance, services that file quarterly work tax returns can submit Form 941 X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for RefundPDF, to claim the credit for previous 2020 as well as 2021 quarters. PPP powerpoint.

With the exception of a recoverystartup business, many taxpayers came to be ineligible to claim the ERC for incomes paid after September 30, 2021. PPP powerpoint.  A recoverystartup business can still claim the ERC for salaries paid after June 30, 2021, and before January 1, 2022. Eligible companies might still claim the ERC for prior quarters by filing an relevant modified employment tax return within the target date stated in the corresponding kind guidelines. PPP powerpoint.  If an employer submits a Form 941, the employer still has time to submit an modified return within the time established forth under the “Is There a Deadline for Filing Form 941-X?” area in Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund.

 

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

When the Covid 19 pandemic began, and also organizations were required to close down their procedures, Congress passed programs to supply monetary assistance to companies. Among these programs was the staff member retention credit ( ERC).

The ERC provides qualified employers pay roll tax credits for earnings as well as medical insurance paid to workers. However, when the Infrastructure Investment as well as Jobs Act was authorized into law in November 2021, it placed an end to the ERC program.

 Regardless of the end of the program, businesses still have the  chance to claim ERC for  approximately  3 years retroactively. PPP powerpoint.  Here is an summary of exactly how the program works and also how to claim this credit for your business.

 

What Is The ERC?

Originally  offered from March 13, 2020,  with December 31, 2020, the ERC is a refundable payroll tax credit  produced as part of the CARAR 0.0% ES Act. PPP powerpoint.  The function of the ERC was to encourage employers to maintain their employees on pay-roll during the pandemic.

Qualifying  companies  as well as  debtors that  got a Paycheck Protection Program loan could claim  approximately 50% of qualified  incomes, including  qualified  medical insurance  costs. The Consolidated Appropriations Act (CAA)  broadened the ERC.  Companies that qualified in 2021 can claim a credit of 70% in qualified  incomes.

 

Who Is Eligible For The ERC?

Whether you get approved for the ERC depends on the moment period you’re obtaining. To be qualified for 2020, you require to have run a business or tax exempt organization that was partially or fully shut down as a result of Covid-19. PPP powerpoint.  You additionally require to show that you experienced a substantial decline in sales– less than 50% of comparable gross receipts compared to 2019.

If you’re trying to  receive 2021, you  have to show that you experienced a decline in gross receipts by 80%  contrasted to the same time period in 2019. If you weren’t in business in 2019, you can compare your gross receipts to 2020.

The CARES Act does ban freelance people from asserting the ERC for their very own incomes. PPP powerpoint.  You likewise can’t claim incomes for specific people who belong to you, however you can claim the credit for salaries paid to staff members.

 

What Are Qualified Wages?

What counts as qualified  earnings  relies on the size of your business  and also  the number of  staff members you have on  personnel. There’s no  dimension limit to be eligible for the ERC,  however  little  and also large  firms are treated differently.

For 2020, if you had more than 100 full-time workers in 2019, you can just claim the wages of employees you preserved however were not functioning. If you have fewer than 100 workers, you can claim everyone, whether they were functioning or otherwise.

For 2021, the threshold was raised to having 500 full-time staff members in 2019, giving employers a whole lot extra freedom regarding that they can claim for the credit. PPP powerpoint.  Any kind of incomes that are based on FICA taxes Qualify, and you can consist of qualified wellness costs when computing the tax credit.

This income needs to have been paid between March 13, 2020, and also September 30, 2021. recoverystartup businesses have to claim the credit through the end of 2021.

 

 Exactly how To Claim The Tax Credit.

 Although the program ended in 2021,  organizations still have time to claim the ERC. PPP powerpoint.  When you file your federal tax returns, you’ll claim this tax credit by filling in Form 941.

Some businesses, especially those that received a Paycheck Protection Program loan in 2020, mistakenly believed they didn’t receive the ERC. PPP powerpoint.  If you’ve currently filed your income tax return and now recognize you are qualified for the ERC, you can retroactively use by filling in the Adjusted Employer’s Quarterly Federal Tax Return (941-X).

 Because the tax  legislations around the ERC  have actually  transformed, it can make  figuring out eligibility  puzzling for  several  local business owner. It’s  likewise  challenging to  find out which wages Qualify and which  do not. The  procedure  gets back at harder if you  have multiple  companies. PPP powerpoint.  As well as if you submit the IRS forms inaccurately, this can delay the whole procedure.

PPP powerpoint.  GovernmentAid, a division of Bottom Line Concepts, aids clients with different forms of monetary relief, specifically, the Employee Retention Credit Program.

 

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