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Employee Retention Credit and PPP
Posted on 6/28/22 at 11:27 am
Posted on 6/28/22 at 11:27 am
I’m just seeing the ERC program’s existence under the CARES Act.
Can someone explain its main points and eligibility requirements?
My company is an SCorp and received two rounds of PPP payouts.
Can someone explain its main points and eligibility requirements?
My company is an SCorp and received two rounds of PPP payouts.
9
Posted on 6/28/22 at 11:43 am to Sheepdog1833
We recently learned of this as well. The way it was stated to us, in basic terms, is that if you received PPP funds and your loan was fully forgiven, then you are eligible for the retention credit.
We did a brief phone/video survey for certain questions. Afterwards they asked for specific hard docs to submit. All in all it took about 3-4 weeks to receive our full concrete amount to be received. Also, ERC doesn’t receive a dime unless you’re eligible. Nothing ventured, nothing gained.
We did a brief phone/video survey for certain questions. Afterwards they asked for specific hard docs to submit. All in all it took about 3-4 weeks to receive our full concrete amount to be received. Also, ERC doesn’t receive a dime unless you’re eligible. Nothing ventured, nothing gained.
Posted on 6/28/22 at 1:27 pm to Sheepdog1833
Posted on 6/28/22 at 1:40 pm to Sheepdog1833
Were you mandated to be shut down or did your revenue dip in either 2020 or 2021 when compared to 2019?
If so &you have employees, then its worth talking to somebody about.
If so &you have employees, then its worth talking to somebody about.
Posted on 6/28/22 at 3:08 pm to Sheepdog1833
You have to have had a matching quarter to quarter 50% reduction in gross receivables. We never hit that low water mark. Once you hit 80% of the preceding years quarter or above you then become ineligible for the credit.
That's it in a nutshell.
That's it in a nutshell.
Posted on 6/28/22 at 6:19 pm to Sheepdog1833
If you pay a consultant a % of your fee to complete the form, you’re a fool. Find a CPA that will do it for much less.
Posted on 6/28/22 at 7:24 pm to VABuckeye
quote:
You have to have had a matching quarter to quarter 50% reduction in gross receivables. We never hit that low water mark. Once you hit 80% of the preceding years quarter or above you then become ineligible for the credit.
That’s not true anymore. They greatly expanded it. If you had supply issues or had to shut down for a bit you are eligible.
Posted on 6/29/22 at 5:40 pm to 9BREES9
quote:
The way it was stated to us, in basic terms, is that if you received PPP funds and your loan was fully forgiven, then you are eligible for the retention credit.
What???? I thought just the opposite, that if you got PPP and loan was forgiven than you were NOT eligible????
Posted on 6/29/22 at 6:31 pm to Tigerpaw123
The ERC can be a significant amount. You basically get a refund of the employment taxes you paid.
Get a CPA and don't mess around. I have clients who've received hundreds of thousands of dollars.
Get a CPA and don't mess around. I have clients who've received hundreds of thousands of dollars.
Posted on 6/29/22 at 6:35 pm to Sheepdog1833
I’m hearing a bunch of ads for this lately. Our fractional CFO who does our books/taxes told us about this a while back and applied for it. I think it is based on quarterly numbers because he said we would get 3 checks, 2 of which we received already.
If you are paying someone for financial advice they probably should have been aware of this and applied for you.
If you are paying someone for financial advice they probably should have been aware of this and applied for you.
Posted on 6/29/22 at 7:11 pm to Murray
Our CPA offered the service. We had a nice recovery.
Posted on 6/29/22 at 7:18 pm to Tigerpaw123
quote:
What???? I thought just the opposite, that if you got PPP and loan was forgiven than you were NOT eligible????
Not the case. We did both.
Posted on 6/29/22 at 10:46 pm to Sheepdog1833
If your business suffered a significant loss in revenue I believe more than 50% compared to any quarter in 2019 you’d be eligible. I don’t think anyone who got a PPP can apply for this, it would break the system.
Posted on 6/29/22 at 10:51 pm to Catchfalaya
quote:
The way it was stated to us, in basic terms, is that if you received PPP funds and your loan was fully forgiven, then you are eligible for the retention credit.
quote:
I don’t think anyone who got a PPP can apply for this, it would break the system.
This is why you don't get financial advice from the internet.
And I thank you all for keeping my bills paid
Posted on 6/29/22 at 11:58 pm to OTIS2
quote:
Not the case. We did both.
We did as well, I was surprised that we were eligible to get the retention money. I pay my fractional CFO pretty well to manage our finances, but he saves us more than we pay him every year, and he was all over this and the fact that we qualified for it.
Posted on 6/30/22 at 6:47 am to Mingo Was His NameO
quote:
This is why you don't get financial advice from the internet. And I thank you all for keeping my bills paid
This Covid recovery has been a clusterfrick, CPAs, bankers, etc have been all over the place on these as they have been very unclear. Especially if you needed/ wanted to act quickly. If you simply talked to one CPA and didn’t go ‘on the internet’ it’s just as easy to get fricked.
Posted on 6/30/22 at 10:09 am to OysterPoBoy
quote:
That’s not true anymore. They greatly expanded it. If you had supply issues or had to shut down for a bit you are eligible.
Thank you for the clarification. I just filled out an eligibility survey online.
Is it a full credit for the affected quarters? We were smaller then but it would be almost $40k for us which is huge.
Posted on 6/30/22 at 11:38 am to Sheepdog1833
I can help you out. I just did my first ERC. I can walk you through the process or do it for you for a fee.
Posted on 6/30/22 at 11:39 am to VABuckeye
its up to $5000 per employee in 2020 and up to $7000/quarter for employee in 2021. Have to have a sig. decline in business or a full or partial govt shutdown.
Posted on 6/30/22 at 11:47 am to Catchfalaya
quote:
If your business suffered a significant loss in revenue I believe more than 50% compared to any quarter in 2019 you’d be eligible. I don’t think anyone who got a PPP can apply for this, it would break the system.
Its 50% decline in revenue from Q1,2,3,4 2019 to same quarter 2020 and 20% decline from 2019 to same quarter 2021.
PPP companies are eligible. Just helped one get a little more in ERC credits that they got in PPP funds.
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