Fastest Way To Claim Employee Retention Tax Credits - Take This Eligibility Quiz
Is your business still struggling to recover from the shutdowns, suspensions, supply chain issues, and reduced customer traffic of the last few years? Don't forget to claim your ERTC before it's too late.
In 2020 you had the option to enroll in either the Payroll Protection Program or the ERTC program, but not both.
At the time, the PPP offered employers more potential funds, and many business owners enrolled in that program, believing it made them ineligible for ERTC.
In 2021, when the Consolidated Appropriations Act was passed, it made amendments to the CARES Act, including some changes to the ERTC eligibility requirements.
If you enrolled in the PPP, you are now eligible to apply for Employee Retention Credits as well, including making a retroactive claim for wages paid in 2020.
To make a retroactive claim, you can either contact an ERTC specialist or fill out and return a 941-X form, which will make amendments to your 2020 filing.
The ERTC program has gone through several changes since the CARES Act was passed in 2020, which have increased the amount you can claim, as well as updating the rules for eligibility.
While you could claim a maximum of $5,000 per employee, per quarter of 2020, that amount was increased for 2021.
Another common misconception held by many employers is that the ERTC is a loan program, like the PPP.
This is not true, and any tax credits claimed through the ERTC do not have to be repaid.
It's been a tough couple of years for business owners and employees alike. If your business has suffered financial losses or had to temporarily close its doors due to government suspensions and lockdowns, then you're probably eligible for tax credits.
A quick quiz designed by ERTC expert can help you to determine if you're eligible in 60 seconds or less.
Visit https://scotthall.co/employee-retention-tax-credit to learn more.