Why Haven’t I Got My PPP Loan Yet – Claim Employee Retention Credit | PPP Loan Application

Employee Retention Credit claim up to $26,000 per employee. Why Haven’t I Got My PPP Loan Yet. Even if you have already claimed for PPP Loan Application. How to claim Employee Retention Credit or ERC for your business.

 Regarding The ERC Program
What is the Employee Retention Credit (ERC)? Why Haven’t I Got My PPP Loan Yet

ERC is a stimulus program developed to assist those organizations that had the ability to keep their staff members during the Covid-19 pandemic.

 

 

Developed by the CARES Act, it is a refundable tax credit– a give, not a loan– that you can claim for your business. Why haven’t i got my PPP loan yet. The ERC is offered to both small and also mid sized companies. It is based upon qualified incomes and also healthcare paid to workers

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 Approximately $26,000 per  worker
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Available for 2020 and the first 3 quarters of 2021
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Qualify with  lowered revenue or COVID  occasion
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No  restriction on  financing
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ERC is a refundable tax credit.

How much money can you get back? Why Haven’t I Got My PPP Loan Yet

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

 Just how do you  understand if your business is eligible?
To Qualify, your business must have been  adversely  influenced in either of the  adhering to  methods:
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A government authority required partial or full shutdown of your business during 2020 or 2021. Why haven’t i got my PPP loan yet.  This includes your operations being restricted by business, inability to travel or constraints of team meetings
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Gross  invoice  decrease criteria is  various for 2020 and 2021,  however is  determined against the current quarter as compared to 2019 pre-COVID amounts
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A business can be  qualified for one quarter and not another
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 Under the CARES Act of 2020,  services were not able to Qualify for the ERC if they had  currently received a Paycheck Protection Program (PPP) loan.  Why haven’t i got my PPP loan yet.  With new legislation in 2021, companies are currently qualified for both programs. The ERC, though, can not relate to the same salaries as the ones for PPP.

Why Us?
The ERC  went through  a number of  modifications  and also has many technical  information, including  exactly how to  establish  certified  incomes, which employees are eligible,  as well as  extra. Why haven’t i got my PPP loan yet.  Your business’ specific case could call for even more intensive testimonial and analysis. The program is intricate and also could leave you with lots of unanswered concerns.

 

 

We can  assist make sense of  everything. Why haven’t i got my PPP loan yet.  Our devoted specialists will assist you and outline the actions you require to take so you can optimize the insurance claim for your business.

GET QUALIFIED.

Our services include:
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Thorough  analysis  concerning your  qualification
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 Detailed analysis of your claim
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 Assistance on the  asserting  procedure  and also  paperwork
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 Details program  experience that a regular CPA or  pay-roll  cpu might not be  fluent in
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Fast and smooth end-to-end process, from eligibility to claiming  as well as  obtaining refunds.

 Committed specialists that  will certainly interpret highly complex program  guidelines  as well as  will certainly be available to answer your questions,  consisting of:

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 Exactly how does the PPP loan  element into the ERC?
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What are the differences  in between the 2020 and 2021 programs and  exactly how does it apply to your business?
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What are aggregation  policies for  bigger, multi-state employers, and how do I  analyze  several states’ executive orders?
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Just how do part time, Union, as well as tipped workers affect the amount of my reimbursements?

 All Set To Get Started? It’s Simple.

1. We  establish whether your business  gets approved for the ERC.
2. We  evaluate your  insurance claim and  calculate the maximum amount you can receive.
3. Our team guides you through the  declaring  procedure, from  starting to end,  consisting of  correct  paperwork.

DO YOU QUALIFY?
 Respond to a few  straightforward questions.

 TIMETABLE A CALL.
Frequently Asked Questions (FAQs).

What period does the program cover?
The program began on March 13th, 2020 as well as ends on September 30, 2021, for qualified companies. Why haven’t i got my PPP loan yet.
You can apply for  reimbursements for 2020  and also 2021 after December 31st of this year,  right into 2022  as well as 2023. And  possibly beyond then  also.

We have customers who received reimbursements only, as well as others that, in addition to refunds, likewise qualified to continue receiving ERC in every payroll they refine with December 31, 2021, at concerning 30% of their pay-roll expense.

We have customers who have received refunds from $100,000 to $6 million. Why haven’t i got my PPP loan yet.
Do we still Qualify if we already took the PPP?
Do we still Qualify if we did not incur a 20% decline in gross  invoices?
Do we still Qualify if we remained open  throughout the pandemic?

The federal government  developed the Employee Retention Credit (ERC) to  give a refundable  work tax credit to  assist  companies with the  expense of  maintaining  personnel  utilized.

Eligible organizations that experienced a decrease in gross receipts or were closed as a result of government order and also really did not claim the credit when they submitted their original return can capitalize by filing modified employment income tax return. Businesses that submit 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 prior 2020 and 2021 quarters. Why haven’t i got my PPP loan yet.

With the exception of a recoverystartup business, a lot of taxpayers became ineligible to claim the ERC for earnings paid after September 30, 2021. Why haven’t i got my PPP loan yet.  A recoverystartup business can still claim the ERC for incomes paid after June 30, 2021, as well as before January 1, 2022. Eligible employers may still claim the ERC for prior quarters by submitting an applicable adjusted employment income tax return within the due date set forth in the matching form instructions. Why haven’t i got my PPP loan yet.  If an company files a Form 941, the employer still has time to file an modified return within the time established forth under the “Is There a Deadline for Filing Form 941-X?” section 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 started, and also businesses were forced to close down their procedures, Congress passed programs to supply financial aid to companies. One of these programs was the staff member retention credit ( ERC).

The ERC offers qualified employers pay roll tax credit scores for wages and medical insurance paid to staff members. Nevertheless, when the Infrastructure Investment and Jobs Act was authorized into regulation in November 2021, it placed an end to the ERC program.

Despite the end of the program,  organizations still have the  possibility to claim ERC for  as much as three years retroactively. Why haven’t i got my PPP loan yet.  Below is an introduction of exactly how the program jobs and also just how to claim this credit for your business.

 

What Is The ERC?

Originally  readily available 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. Why haven’t i got my PPP loan yet.  The function of the ERC was to encourage employers to maintain their staff members on pay-roll during the pandemic.

 Certifying employers  as well as  customers that  secured a Paycheck Protection Program loan  might claim  approximately 50% of qualified  incomes, including  qualified health insurance  costs. The Consolidated Appropriations Act (CAA) expanded the ERC. Employers that qualified in 2021 can claim a credit of 70% in qualified  earnings.

 

 That Is Eligible For The ERC?

Whether or not you qualify for the ERC depends upon the moment period you’re making an application for. To be eligible for 2020, you need to have run a business or tax exempt company that was partially or fully closed down because of Covid-19. Why haven’t i got my PPP loan yet.  You additionally require to show that you experienced a considerable decrease in sales– less than 50% of similar gross invoices compared to 2019.

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

The CARES Act does restrict freelance individuals from declaring the ERC for their own wages. Why haven’t i got my PPP loan yet.  You also can not claim salaries for details individuals that are related to you, however you can claim the credit for earnings paid to staff members.

 

What Are Qualified Wages?

What counts as qualified  incomes  relies on the size of your business and  the amount of employees you  carry  personnel. There’s no size  limitation to be  qualified for the ERC, but  tiny  as well as  big  business are treated differently.

For 2020, if you had more than 100 full-time staff members in 2019, you can only claim the salaries of workers you preserved however were not working. If you have less than 100 workers, you can claim everybody, whether they were functioning or otherwise.

For 2021, the threshold was increased to having 500 permanent staff members in 2019, giving employers a lot much more leeway as to who they can claim for the credit. Why haven’t i got my PPP loan yet.  Any kind of earnings that are based on FICA taxes Qualify, and you can consist of qualified health and wellness expenditures when computing the tax credit.

This earnings must have been paid in between March 13, 2020, and also September 30, 2021. recovery start-up services have to claim the credit through the end of 2021.

 

How To Claim The Tax Credit.

 Although the program  finished in 2021,  organizations still have time to claim the ERC. Why haven’t i got my PPP loan yet.  When you submit your federal tax returns, you’ll claim this tax credit by completing Form 941.

Some businesses, particularly those that obtained a Paycheck Protection Program loan in 2020, erroneously thought they didn’t qualify for the ERC. Why haven’t i got my PPP loan yet.  If you’ve already filed your income tax return as well as now realize you are qualified for the ERC, you can retroactively use by submitting the Adjusted Employer’s Quarterly Federal Tax Return (941-X).

Since the tax laws around the ERC have altered, it can make identifying qualification confusing for numerous business owners. The process obtains even harder if you possess several companies.

Why haven’t i got my PPP loan yet.  GovernmentAid, a department of Bottom Line Concepts, aids customers with numerous forms of monetary alleviation, particularly, the Employee Retention Credit Program.

 

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    Why Haven't I Got My PPP Loan Yet