In 2020, when the CARES Act was passed, two pandemic relief programs were created: the Employee Retention Tax Credit (ERTC) and the Paycheck Protection Program (PPP). While most employers have already received loans through the PPP, this new fast rebate service launched by Fundwise helps business owners to claim tax credits through the ERTC.
To learn more about ERTC tax credits and the fast rebate program, please visit https://fundwiseagents.com/arthur
Though the ERTC is a lesser-known pandemic relief program, it offers several benefits over the PPP. Employers can find out how much they are eligible for with the ERTC by completing the new no-cost, no-obligation assessment, which consists of 6 simple questions and requires no proprietary business information.
Eligible employers can get help to complete their claims from an experienced team that specializes in maximizing rebates for small and medium-sized businesses. Companies that have already received a PPP loan are also eligible for ERTC tax rebates after the eligibility requirements were expanded with the passing of the Consolidated Appropriations Act.
The ERTC program offers one-time tax rebate payouts from the IRS, unlike the loans provided by the PPP. These tax rebates are not a loan, have no restrictions on how they can be spent, and never need to be repaid.
Companies that kept staff members on the payroll throughout the pandemic could be eligible for up to $26,000 in rebates. To qualify, they must have 500 or fewer full-time employees and have been affected by the pandemic. Non-profits, startups, and new businesses can all qualify if they meet the program requirements.
This can include businesses that suffered financial losses during the pandemic, as well as companies that had to close their doors because of government orders, such as a lockdown. In some cases, businesses that were operating with a reduced capacity may also qualify, including restaurants that offered takeout and delivery only, or companies that were forced to work remotely.
Businesses founded during the pandemic can qualify under special rules as a Recovery Startup Business and may be eligible for up to $100,000 in rebates. These businesses must have gross receipts of less than $1 million, and at least one employee who is not a 50% owner or family member.
To get a no-cost, no-obligation rebate estimate, please visit https://fundwiseagents.com/arthur
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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.