The ERC Program: Click Here to Get Started (http://click.pmfcap.com/click/gdrm-3mwqc-21rvs-4jlpar2/)
CARES ACT: Employee retention credit - The Employee Retention Tax Credit (ERTC) is an IRS tax credit designed to help small businesses retain their employees during these difficult times. The credit refunds payroll costs already spent. There is no need to pay back the ERTC and is in a sense, similar to the stimulus check that the everyday taxpayer receives. Any business structure under 500 employees can potentially qualify. This includes even non-profits and start-ups. In order to qualify for the ERTC, your business had to have been affected in one of two ways. A decline in gross receipts over a declared quarter. Over any declared quarter in 2020, a decline of 50% or more must be shown to claim the credit; however, the credit is capped at $5,000 for the year. In 2021 the credit was expanded for businesses that only experienced a 20% reduction in revenue. For each individual quarter in 2021 businesses can be eligible for up to $7,000 in credits per employee. Through CARES Act. No restrictions on what you can use the capital for. Non-Taxable. Can not file for claim during PPP period (whatever billing period used Q1-Q4)But you can get both, just not for the period paid out from PPP loan. Ended after Q3 of 2021Company has 3 years to amend for ERC. No cap on funding amount Eligibility: Must be W-2 employees. Revenue Reduction must have 50% reduction per quarter in 2020 vs 2019Revenue Reduction must have 20% reduction per quarter in 2021 vs 2020Can be eligible for multiple quarters of payroll and can bounce back and forth between quarters. Partial Government Shutdown: Must be W-2 employees. If there was an ordinance on business that did not allow you to have in person gatherings that affect business operations. You are eligible for that period. Only eligible for period of shutdown. Has to come from the government shutdown ordinance, not per owner of the business. At least 5% of staff has to have been not eligible for work. If you have 3 companies and 1 company suffered a loss, you are eligible for all employees. In 2020 the max you can get per employee is 50% of paid payroll up to $10,000 ( net $5,000 per employee) In 2021 the max you can get per employee is 70% of paid payroll for Q1-Q3 up to $10,000 (net $7,000) ERC is closed for Q4 of 2021 The ERC Program: Click Here to Get Started (http://click.pmfcap.com/click/gdrm-3mwqc-21rvt-4jlpar3/) Premium Merchant Funding 55 Water Street, 50th Floor New York, NY 10004 United States You are subscribed to this email as industrypack-devel@lists.sourceforge.net. Click here to modify your preferences http://click.pmfcap.com/form?3mwqc--epzr-4jlpar0&sl=2hb&t=1&ac=gdrm or unsubscribe http://click.pmfcap.com/form?3mwqc--epzr-4jlpar0&sl=2hb&t=5&ac=gdrm.
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