Business’ Refund
Business’ Refund
Mr. Wonderful on Tucker Carlson Today
Mr. Wonderful on Tucker Carlson Today
The program started on March 13th, 2020, and concluded on September 30, 2021, for qualifying employers. Refunds for 2020 and 2021 can be claimed after December 31st of this year, into 2022 and 2023, and possibly beyond. Some of our clients have only received refunds, while others have qualified to continue receiving ERC in every payroll through December 31, 2021, which is equivalent to about 30% of their payroll cost. Our clients' refunds have ranged from $100,000 to $6 million.
Regrettably, the program is exclusively intended for businesses that have paid W2 wages to non-owners.
Since it is a tax credit, rather than a loan, none of those factors matter. Therefore, credit checks, collateral, or personal guarantees are not necessary.
That's correct. The Consolidated Appropriations Act now enables businesses to qualify for the ERC, even if they have previously received a PPP loan. It's important to note, however, that the ERC is only applicable to wages that were not utilized for the PPP.
If your business meets any of the following criteria, it may qualify for the ERC:
In 2020 or 2021, your business was required to be fully or partially shut down by a government authority. This also includes instances where your operations were limited by commerce, travel restrictions, or group meeting limitations.
The criteria for reducing gross receipts varies between 2020 and 2021 but is based on the current quarter compared to pre-COVID 2019 amounts.
To be eligible for the program, your business must meet one of the following criteria:
Experienced a decrease in gross receipts by at least 20%
Had to modify business operations in response to government orders
Changes in business operations may include alterations in job roles or the acquisition of additional protective equipment.
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