PPP Loan Forgiveness No Employees – Do you qualify? Employee Retention Credit Up To $26,000 Per Employee

Claim up to $26,000 per Employee for the Employee Retention Tax Credit Retroactively until 2024. PPP Loan Forgiveness No Employees. Do you qualify for 50% refundable tax credit? ERC program under the CARES Act encourages businesses to keep employees on their payroll.

About The ERC Program
What is the Employee Retention Credit (ERC)? PPP Loan Forgiveness No Employees

ERC is a stimulus program made to assist those companies that were able to preserve their employees throughout the Covid-19 pandemic.

 

https://www.youtube.com/watch?v=OndBOmcua9A

 

Established by the CARES Act, it is a refundable tax credit– a give, not a loan– that you can claim for your business. PPP loan forgiveness no employees. The ERC is readily available to both small and also mid sized organizations. It is based upon qualified incomes as well as healthcare paid to staff members

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Up to $26,000 per  staff member
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Available for 2020 and the  initial 3 quarters of 2021
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Qualify with decreased revenue or COVID  occasion
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No  restriction on funding
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ERC is a refundable tax credit.

How much money can you come back? PPP Loan Forgiveness No Employees

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

How do you  understand if your business is  qualified?
To Qualify, your business  has to have been negatively impacted in either of the  complying with ways:
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A government authority  called for partial or  complete shutdown of your business  throughout 2020 or 2021. PPP loan forgiveness no employees.  This includes your operations being limited by business, failure to travel or constraints of group meetings
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Gross receipt  decrease criteria is different for 2020 and 2021,  however is  determined against the current quarter as compared to 2019 pre-COVID  quantities
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A business can be eligible for one quarter  and also not another
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 At first, under the CARES Act of 2020,  companies were not able to  get the ERC if they  had actually already  gotten a Paycheck Protection Program (PPP) loan.  PPP loan forgiveness no employees.  With new legislation in 2021, companies are currently eligible for both programs. The ERC, though, can not relate to the same incomes as the ones for PPP.

Why Us?
The ERC  went through several  adjustments  and also has  lots of technical  information,  consisting of  just how to determine  competent  earnings, which  staff members are  qualified,  as well as more. PPP loan forgiveness no employees.  Your business’ particular instance might need even more intensive review as well as analysis. The program is complicated as well as may leave you with numerous unanswered questions.

 

 

We can  aid  understand  all of it. PPP loan forgiveness no employees.  Our specialized specialists will certainly guide you and outline the steps you require to take so you can take full advantage of the case for your business.

GET QUALIFIED.

Our services include:
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 Extensive  assessment  concerning your  qualification
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 Extensive  evaluation of your  case
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 Assistance on the claiming process  as well as  documents
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Specific program  know-how that a regular CPA or payroll  cpu  could not be well-versed in
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 Quick  and also smooth end-to-end  procedure, from eligibility to  asserting  as well as  getting  reimbursements.

 Devoted  professionals that will  translate  very  intricate program  regulations and will be  offered to  address your  inquiries, including:

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How does the PPP loan factor  right into the ERC?
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What are the  distinctions  in between the 2020  and also 2021 programs  as well as how does it apply to your business?
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What are aggregation  regulations for  bigger, multi-state  companies, and  just how do I  translate multiple states’ executive orders?
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Exactly how do part time, Union, and tipped staff members impact the amount of my reimbursements?

 All Set To Get Started? It’s Simple.

1. We  identify whether your business  receives the ERC.
2. We analyze your  case  and also  calculate the maximum  quantity you can receive.
3. Our team guides you through the  declaring process, from  starting to end, including  correct  paperwork.

DO YOU QUALIFY?
 Respond to a few  easy  concerns.

 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. PPP loan forgiveness no employees.
You can  obtain  reimbursements for 2020  and also 2021 after December 31st of this year, into 2022 and 2023.  And also potentially  past then too.

We have clients that received refunds just, as well as others that, along with reimbursements, also qualified to proceed obtaining ERC in every pay roll they refine through December 31, 2021, at concerning 30% of their payroll expense.

We have customers who have actually gotten refunds from $100,000 to $6 million. PPP loan forgiveness no employees.
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  continued to be open during the pandemic?

The federal government established the Employee Retention Credit (ERC) to  give a refundable employment tax credit to help  companies with the  price of  maintaining staff employed.

Eligible businesses that experienced a decline in gross invoices or were shut due to government order as well as didn’t claim the credit when they submitted their original return can capitalize by filing adjusted work tax returns. For example, businesses that file quarterly work tax returns can file 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. PPP loan forgiveness no employees.

With the exception of a recoverystartup business, a lot of taxpayers ended up being disqualified to claim the ERC for incomes paid after September 30, 2021. PPP loan forgiveness no employees.  A recovery start-up business can still claim the ERC for wages paid after June 30, 2021, as well as prior to January 1, 2022. Qualified companies might still claim the ERC for prior quarters by submitting an suitable adjusted employment income tax return within the due date stated in the matching type directions. PPP loan forgiveness no employees.  If an company files a Form 941, the employer still has time to file an modified return within the time set 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 began, and organizations were compelled to close down their operations, Congress passed programs to supply financial support to companies. One of these programs was the staff member retention credit ( ERC).

The ERC offers qualified employers pay roll tax debts for salaries and also medical insurance paid to employees. Nonetheless, when the Infrastructure Investment as well as Jobs Act was signed right into legislation in November 2021, it put an end to the ERC program.

 Regardless of the end of the program,  organizations still have the opportunity to claim ERC for up to  3 years retroactively. PPP loan forgiveness no employees.  Here is an overview of how the program works and how to claim this credit for your business.

 

What Is The ERC?

 Initially  readily available from March 13, 2020,  with December 31, 2020, the ERC is a refundable payroll tax credit  developed as part of the CARAR 0.0% ES Act. PPP loan forgiveness no employees.  The purpose of the ERC was to encourage employers to maintain their employees on payroll throughout the pandemic.

 Certifying  companies  as well as  customers that  secured a Paycheck Protection Program loan could claim  approximately 50% of qualified  earnings, including eligible  medical insurance  costs. The Consolidated Appropriations Act (CAA) expanded the ERC.  Companies that qualified in 2021 can claim a credit of 70% in qualified  earnings.

 

Who Is Eligible For The ERC?

Whether or not you get approved for the ERC depends upon the time period you’re making an application for. To be eligible for 2020, you need to have actually run a business or tax exempt organization that was partially or fully closed down due to Covid-19. PPP loan forgiveness no employees.  You likewise need to reveal that you experienced a considerable decline in sales– less than 50% of similar gross receipts compared to 2019.

If you’re trying to  get 2021, you must  reveal that you experienced a  decrease in gross  invoices by 80% compared to the  exact same  amount of time in 2019. If you weren’t in business in 2019, you can compare your gross receipts to 2020.

The CARES Act does prohibit self employed people from declaring the ERC for their own earnings. PPP loan forgiveness no employees.  You also can’t claim incomes for particular people that are related to you, yet you can claim the credit for incomes paid to workers.

 

What Are Qualified Wages?

What counts as qualified  incomes depends on the  dimension of your business  and also  the amount of  workers you have on staff. There’s no size  restriction to be eligible for the ERC, but  tiny and  big  business are  discriminated.

For 2020, if you had more than 100 full-time workers in 2019, you can only claim the wages of employees you kept yet were not working. If you have less than 100 staff members, you can claim everybody, whether they were working or not.

For 2021, the limit was elevated to having 500 full-time workers in 2019, offering employers a whole lot extra leeway as to who they can claim for the credit. PPP loan forgiveness no employees.  Any type of earnings that are based on FICA taxes Qualify, and also you can include qualified health expenses when calculating the tax credit.

This earnings has to have been paid between March 13, 2020, and September 30, 2021. recoverystartup organizations have to claim the credit through the end of 2021.

 

 Exactly how To Claim The Tax Credit.

 Although the program ended in 2021,  services still have time to claim the ERC. PPP loan forgiveness no employees.  When you file your federal tax returns, you’ll claim this tax credit by completing Form 941.

Some organizations, especially those that got a Paycheck Protection Program loan in 2020, incorrectly thought they really did not get approved for the ERC. PPP loan forgiveness no employees.  If you’ve already filed your tax returns 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).

Given that the tax laws around the ERC have actually changed, it can make figuring out eligibility confusing for several business proprietors. The procedure obtains even harder if you possess multiple businesses.

PPP loan forgiveness no employees.  GovernmentAid, a division of Bottom Line Concepts, helps clients with different forms of economic relief, especially, the Employee Retention Credit Program.

 

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    PPP Loan Forgiveness No Employees