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Businesses Don't Realize They Are Eligible for an Employee Retention Tax Credit Blain explained, "Since many companies who qualified for a PPP loan got one when they first came available, they assume they couldn't take advantage of the Employee Retention Tax Credit because originally they could only request one or the other. On March 1, 2021, the IRS updated guidance to allow businesses to participate in both the PPP and the ERC. But most businesses don't know this." The ERTC is not a loan, it's a cash payout that goes via direct deposit to the company's bank account. Since it's not a loan, but a credit similar to what individuals received as a stimulus check, it won't have to be paid back and there are no restrictions as to how it's used. To find out if the company qualifies for an ERTC , owners can fill out a simple form with basic information such as their contact information, their number of W-2 employees in 2020 and 2021, and if they operated under a full or partial shutdown order in their state during the pandemic. Once input, their representative at the CPA firm who handles the paperwork to submit the forms to the IRS who handles the ERTC will be in touch requesting the full paperwork required to file the claim. There are no upfront fees to learn if a company is qualified to receive a tax credit. Funded by the Cares Act, these credits were designed to reward businesses that retained their employees during COVID- 19. Businesses can receive up to $26,000 each for up to 500 full-time employees and an unlimited number of part-time employees even if they received a PPP loan already. Blain continued, "A restaurant ownership group in Florida with 224 W-2 Employees received a $1,120,000 credit." The Get Cares Act Tax Credit Tax recovery experts service is set to launch on February 1, 2022. To find out more about Cares Act Tax Credit and their service, visit https://getcaresacttaxcredit.com. Find Out More At https://getcaresacttaxc redit.com
