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Take Advantage of the ERC Grant for Your Business
If your business was established prior to 2020 and endured the COVID-19 Pandemic, you may be eligible to claim the Employee Retention Tax Credit (ERTC), also commonly referred to as the ERC Credit. Even if you were awarded PPP Loans or were deemed ineligible for the ERC Credit in the past, you should find out if your business is qualified for this business stimulus initiative now. The rules have changed!
This is a grant, not a loan. You don’t have to pay it back. And you can qualify for it even if you received PPP loans during the Pandemic. The ERC grant is not something that later needs to be “forgiven”. If you’re eligible, the money is YOURS while the program lasts. And it’s not “a little” money. It’s up to $26,000 per W-2 employee. If you’re entitled to it and you fail to claim it, you’re leaving money on the table. And THAT’S not “smart business”. So check it out!
What’s the catch? There isn’t one! You’re either eligible or you’re not. The new rules for the program allow more opportunities to qualify. It used to be that your business had to suffer a revenue loss during the Pandemic. Now eligibility has expanded to include such events as shutdowns, slowdowns, operational changes due to government restrictions, supply chain shortages, and more. So even if you weren’t eligible under the “old rules”, your business may very well be qualified for the ERC Credit now. Find out!
Here’s a caution, though. Many accounting firms and CPAs are unfamiliar with the ins and outs of processing the paperwork for the ERC Credit. Why? Because it’s not income tax oriented. It’s payroll tax oriented. And it’s complex. It not only deals with federal payroll taxes; it’s subject to executive orders at the state level as well. So it’s somewhat of a “specialty” to be well-versed and equipped to file for the ERC. That’s why many CPAs farm out the process to companies that specialize in handling and processing the ERC paperwork.