Since the Employee Retention Credit (ERC) program first launched in 2020, it has undergone several changes, including an increase in the program’s funding per business. This updated eligibility checking tool from ERC Scope can help business owners pre-qualify for their maximum allowable rebate, which could be up to $26,000 per employee.
More information about ERC eligibility, claiming the maximum allowable rebate, and ERC Scope can be found at https://www.ercscope.com/pre-qualification-test
The updated pre-qualification assessment asks only five (5) simple questions and can be completed in less than a minute without cost or obligation. After completing the assessment, employers will receive a link to a fast application service, which can be used to determine their maximum allowable rebate, complete the paperwork, and make a claim.
The program can help employers that have already received loans through the Paycheck Protection Program (PPP). To qualify, a company must have had between 5 and 500 W-2 employees on the payroll during the pandemic, and been negatively affected by it in some way. While a business may not qualify if it only has 1099 rather than 500 W-2 employees.
A business can show that it has been negatively affected by the pandemic in several ways, including through financial losses suffered throughout 2020 and 2021. The program is also open to businesses that suffered temporary closures, reduced operating capacity, supply chain shortages, or reduced workflow due to remote working conditions.
Individual rebates will vary based on a number of factors, including the total amount of qualifying wages paid, the number of fiscal quarters a business is eligible for, and how many employees they had on the payroll during the pandemic. The application service uses a team of financial and legal experts to complete all the calculations and ensure employers receive their maximum allowable rebate.
With no upper limit on funding, some businesses have been able to make claims for more than $2 million, though the average small business rebate is reported as closer to $150,000, in most cases.
Unlike pandemic relief funds claimed through the federal government’s PPP, rebates claimed through ERC Scope are not a loan or deferral, never require repayment, and have no restrictions on how they can be spent.
More information about the ERC rebate eligibility assessment, fast application service, and filing deadline can be found at https://www.ercscope.com
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Scotland News journalist was involved in the writing and production of this article.
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