The Employee Retention Credit
We Specialize in Maximizing ERC for Small Businesses
Receive up to $26,000 per Employee
About The ERC Program
What is the Employee Retention Credit (ERC)?
ERC is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic.
Established by the CARES Act, it is a refundable tax credit – a grant, not a loan – that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees.
●Up to $26,000 per employee
●Available for 2020 and 3 quarters of 2021
●Qualify with decreased revenue or COVID event
●No limit on funding
●ERC is a refundable tax credit
How much money can you get back?
You can claim up to $5,000 per employee for 2020. For 2021, the credit can be up to $7,000 per employee per quarter.
How do you know if your business is eligible?
To qualify, your business must have been negatively impacted in either of the following ways:
●A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
●Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
●A business can be eligible for one quarter and not another.
●Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs.
Why Bull Market Solutions?
The ERC underwent several changes and has many technical details, including how to determine qualified wages, which employees are eligible, and more. Your business’ specific case might require more intensive review and analysis. The program is complex and might leave you with many unanswered questions.
We at Bull Market Solutions can help make sense of it all. Our dedicated experts will guide you and outline the steps you need to take so you can maximize the claim for your business.
Our services include:
• Thorough evaluation regarding your eligibility
• Comprehensive analysis of your claim
• Guidance on the claiming process and documentation
• Specific program expertise that a regular CPA or payroll processor might not be well-versed in
• Fast and smooth end-to-end process, from eligibility to claiming and receiving refunds
Dedicated specialists that will interpret highly complex program rules and will be available to answer your questions, including:
• How does the PPP loan factor into the ERC?
• What are the differences between the 2020 and 2021 programs and how does it apply to your business?
• What are aggregation rules for larger, multi-state employers, and how do I interpret multiple states’ executive orders?
• How do part-time, Union, and tipped employees affect the amount of my refunds?
Ready To Get Started? It’s Simple.
● We help you determine whether your business qualifies for the ERC Program.
● We analyze your claim and compute the maximum amount you can receive.
● Our team guides you through the claiming process, from beginning to end, including proper documentation.
DO YOU QUALIFY?
Answer a few simple questions.
Frequently Asked Questions (FAQs)
What period does the program cover?
The program began on March 13th, 2020 and continues to September 30th, 2021 for eligible employers.
You can apply for refunds for 2020 and 2021 after December 31st of this year, into 2022 and 2023. And potentially beyond then too.
We have clients who received refunds only, and others that, in addition to refunds, also qualified to continue receiving ERC in every payroll they process through September 30, 2021, at about 30% of their payroll cost.
We have clients who have received refunds from $100,000 to $6 million.
Do we still qualify if we already took the PPP?
Yes. Under the Consolidated Appropriations Act, businesses can now qualify for the ERC even if they already received a PPP loan. Note, though, that the ERC will only apply to wages not used for the PPP.
Do we still qualify if we did not incur a 20% decline in gross receipts?
Your business qualifies for the ERC, if it falls under one of the following:
-A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
-Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
Do we still qualify if we remained open during the pandemic?
Yes. To qualify, your business must meet either one of the following criteria:
– Experienced a decline in gross receipts by 20%, or
– Had to change business operations due to government orders
Many items are considered as changes in business operations, including shifts in job roles and the purchase of extra protective equipment.
Take advantage of the EMPLOYEE RETENTION CREDIT (ERC) for COVID-19 Relief
Our partner firm has helped these companies recover funds from the US Government