Quick answer: It is. The program has been heavily promoted on radio, tv and through social media, leading to many questions. The Employee Retention Credit is a payroll tax refund program that provides critical support to businesses that kept employees on payroll during the pandemic. With the recent regulation change, even businesses that received PPP funds can now receive the ERC. Signs that a business may be eligible for the refund include being impacted by COVID-19, having 4 to 500 full-time equivalent employees, and experiencing a significant decline in sales during any calendar quarter from Q1 2020 through Q3 2021.
For businesses, tax-exempts and charities that kept employees on payroll during the pandemic, the Employee Retention Credit (ERC) is a federal incentive that could provide a significant payroll tax refund of up to $26,000 per employee. According to Forbes, the IRS anticipates that 70-80% of businesses are good candidates for taking advantage of the ERC.
Even if a business received Paycheck Protection Program (PPP) funds, they may still be eligible for the ERC. A recent regulation change has made it possible to receive both forms of relief. This means that businesses could receive a payroll tax refund and PPP loan forgiveness, providing much-needed financial relief during these uncertain times. The program from Innovation Refunds is strait-forward and simple, and is rated 5 Stars by TrustPilot and graded “A” by the Better Business Bureau.
Click here if you’d like to check your eligibility.
