As PPP loan could be forgiven many chose them over the ERTC. However, in December 2020 the Consolidated Appropriations Act (CAA) enabled small businesses access to both programs for 2020 and 2021. And in March 2021 the American Rescue Plan Act (ARP Act) extended the CARES Act and thus the amount Boston business owners could be missing out on because they falsely believe that they are not eligible for the ERTC.
*Consolidated Appropriations Act (CCA)
*Taxpayer Certainty and Disaster Tax Relief Act (Relief Act)
*American Rescue Plan Act (ARP Act) and then each has a number of notice:
- After March 12, 2020 and before January 1, 2021 – Notice 2021-20PDF, Notice 2021-49PDF and Revenue Procedure 2021-33PDF
- After December 31, 2020 and before July 1, 2021 – Notice 2021-23PDF, Notice 2021-49PDF and Revenue Procedure 2021-33PDF
- After June 30, 2021 and before October 1, 2021 – Notice 2021-49PDF and Revenue Procedure 2021-33PDF
- After September 30, 2021 and before January 1, 2022 – Notice 2021-49PDF and Notice 2021-65PDF
Funded by the
Originally created to encourage businesses to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.
Up to $26,000 Per W-2 Employee
Full Time and Part Time Employees Qualify. The ERTC program is a refundable tax credit for business owners in 2020 and 2021.
Free, No Obligation Pre-Qualification
By answering a few, simple, non-invasive questions our team can determine if you qualify. There is no cost or obligation to be pre-qualified.
☑ Guaranteed To Maximize Refundable Credits For Local And Small To Medium Sized Businesses
☑ So Easy That Your Entire Commitment Is 15 Minutes
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The ERTC was not widely used until March 2021, when the American Rescue Act changed IRS regulations and millions of businesses were now eligible for both the PPP and ERTC program by amending their Quarterly Form(s) 941. If your business was affected by the Covid - 19 pandemic don't hesitate to apply for the ERTC Tax Rebate.
Businesses who applied for and received PPP funds could now also claim ERTC credits. ERTC credits could be retroactively claimed for businesses that qualified in 2020. ERTC credits were extended through 9/30/21 with lower qualification requirements. The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021. The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021. So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds.
The ERTC Program provides you with a refund or a tax credit, but it is not a loan program. The money can be used in any way you like. You don't have to repay it. This service is available only from a single CPA firm that specializes in taxation, and has partnered up with HM Optimisation.
A short quiz of 10 questions can be taken on the HM Optimisation site to find out if you qualify for a rebate. It is completely free and without obligation. There is no proprietary information.
You could be eligible for a significant rebate, regardless of how many people you have retained on their workplaces in each quarter of 2020 and 2021. It only takes a minute to find out and it's completely free.
Find Out What Our Accounting Professionals Can Secure For Your Business Today
• Business Consulting Firm in Newport Beach, California, 19 W-2 Employees; $44,960 Credit
• Presentation Design Agency in Nashville, TN, 19 W-2 Employees; $162,979 Credit
• Montessori School in Addison, Illinois, 35 W-2 Employees; $175,000 Credit
• Restaurant in Houston, Texas, 80 W-2 Employees; $400,000 Credit
Most employers can be eligible for the credit, including hospitals, colleges, universities, and 501(c), organizations. The Consolidated Appropriations Act previously expanded eligibility to include all businesses that took out loans under the Paycheck Protection Program, including those who borrowed from the initial round PPP.
Eligible employers must meet one of the following criteria to be qualified:
1. Trades or businesses that were temporarily or completely suspended due to a government order. Credit is only available for the part of the quarter in which the business was suspended. It does not apply to the entire quarter. ➭➭➭
2. Employer that experiences a significant decrease in gross receipts.
The IRS issued Revenue Procedure 2021-3 on August 10, 2021. This procedure approves an employer to exclude from gross receipts the amount of a PPP loan forgiveness, Shuttered Venue Operators Grant, or a Restaurant Revitalization Fund grant. This is only for the purpose of determining eligibility to claim the ERTC. Employers must ensure that this safe harbor is applied consistently to all entities.
Visit https://erctfund.com/ to complete the free eligibility check and claim your rebate.
Complete the Questionnaire - Start with the 10 simple questions on this site to begin your claim.
Upload Data - Upload your 941 returns, PPP loan documents, and raw payroll data on our secure portal.
Credit Calculation - We calculate the credit you can receive from the IRS.
Application Package - We will prepare and help you file the 941-X Amended payroll returns.
Get Paid - The IRS will process your credit and mail you a check.
Notice 2021-65 lists the conditions required to avoid a failure deposit penalty. In an example, an employer must also:
1. Make sure they’ve made deposits for the repaid amounts before a certain date.
2. Report the tax liability on the applicable Employment Tax Return and Schedule.
IMPORTANT REMINDER: Even if you got both PPP Loans... businesses are STILL qualifying and receiving sizable ERTC refunds. Apply Today!