When the pandemic struck in early 2020, the CARES Act introduced two new relief programs for small business owners. The Paycheck Protection Program (PPP) received a lot of attention, and the Employee Retention Tax Credit (ERTC) program went mostly unnoticed. Though the program has ended, small business owners can still claim their tax credits using the 15 Minute Refund program launched by ERTC Division.
For more information, please visit https://www.ertcdivision.com
While the PPP offered employers loans to help keep their businesses operating through the pandemic, the ERTC program took a different approach, offering tax credits that do not need to be repaid. The amount a business can claim using the new 15 Minute Refund program will depend on several factors but could be up to $26,000 per employee.
For wages paid in 2020, employers can claim up to $5,000 per employee, though that amount was increased by 2021 with the passing of the Consolidated Appropriations Act. For 2021, employers can claim up to $7,000 per employee, per quarter.
One of the most common misconceptions about the ERTC program is that employers can only qualify for rebates if they did not already receive a loan through the PPP. While this was true at one point, there have been several amendments to the mechanism since then, including an expansion of the eligibility requirements to allow employers to qualify regardless of whether they have received a PPP loan.
The amendments have also expanded the program to include businesses with up to 500 full-time staff on average, removing the original cap of 100 employees. Non-profit organizations and startups are also eligible for rebates, as long as they have at least 2 W-2 employees.
New businesses founded since February 15, 2020, can apply for rebates as a Recovery Startup Business and may be eligible for up to $100,000 in tax credits. To qualify, they must have less than $1 million in gross receipts, and at least one employee who is not a family member or 50% owner.
Employers can find out if they are eligible by taking a one-minute assessment on the ERTC Division website. The no-cost, no-obligation assessment requires no proprietary business information and includes 10 simple questions.
To take the no-cost eligibility assessment or learn more about the 15 Minute Refund program, please visit https://www.ertcdivision.com
Release ID: 89076167
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