There were several Covid relief programs enacted to help businesses operate throughout the pandemic (Paycheck Protection Program, Restaurant Revitalization Fund, Employee Retention Credit, etc.). Initially, PPP loans appeared easier to qualify for but the IRS only allowed businesses to pick either ERC or PPP for relief – not both. Now, the ERC program remains available even if you already got PPP Loans and businesses are also eligible even if they didn’t suffer a drop in revenue.
Businesses that meet certain ERC requirements can get up to $26,000 per employee in fully refundable tax credits. Even businesses that only experienced partial shutdowns or didn’t experience a loss in revenue are qualified to receive the credit – which is something that many payroll processing companies are inadvertently giving incorrect advice about.
The team at Strategic Tax Planning specializes in ERC calculations and related filings for businesses across the country that have been impacted by the pandemic. They have already begun the process of claiming the credit for our chamber of commerce and would like to offer their services to our members as well.