What is the Employee Retention Credit (ERC)?
ERC is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic.
Established by the CARES Act, it is a refundable tax credit - a grant, not a loan - that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees.
• Up to $26,000 per employee
• Available for 2020 and 2021
• Qualify with decreased revenue or COVID event
• ERC is a refundable tax credit
• Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With the new legislation in 2021, employers may now be eligible for both programs.
Why haven’t I heard about ERC before?
Paycheck Protection Program (PPP) was marketed by the SBA, while ERC is claimed directly through the US Treasury. SME Service LLC specializes on SME business service. It’s our mission to help you and obtain for your business the payroll tax refund that it’s entitled to.
How much money can I get back?
Total up to $26,000 per employee. For 2020, you can claim up to $5,000 per employee. For 2021, the credit can be up to $7,000 per employee per quarter.
How much it cost to apply ERC?
No upfront Cost. We’re paid only as you receive your refund checks.
There are no upfront fees to receive your refund analysis. Once engaged to recover your refunds, you pay us fee after receive refunds, with no hidden costs. Our fee includes preparation of your application by CPA or Tax Attorney who specializes in qualifying, calculating, and claiming ERC refunds.
What if we wait to claim ERC?
The program could run out of allocated funds at any time and is subject to the whims of congress. Time is of the essence as the program has technically expired. Don’t delay! We have a limited window of time to claw back the money which is rightfully owed to you.
How do I know if my business is eligible?
To qualify, your business must have been negatively impacted in either of the following ways:
• A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
• Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
• A business can be eligible for one quarter and not another.
How long will it take to get my refund?
Our work will be completed within 2-3 week of receiving your documents. You’ll receive refund checks from the US Treasury in 5 - 8 months depending upon their processing time. Current customer received their refunds in 2 months. The longer you wait, the longer it will take!
How do I check the status of my ERC application?
You can call the IRS directly at (877) 777-4778 to check the application status. You can also always reach out to our customer service specialist for any updates throughout your refund process.
Why can’t my CPA do this for me?
The tax codes are over 50,000 pages , it’s impossible to be an expert on all of them. ERC application is what we do. By concentrating on this ERC program, we understand the complexity involved in determining your eligibility and calculating your ERC refunds.
How is ERC different from the Paycheck Protection Program (PPP)?
PPP was a forgivable loan. ERC returns the payroll taxes that your business has already paid. After you receive the ERC refunds from the US Treasury, no further action is required on your part.
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