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Posted by
Message
Employee Retention Credit and PPP
Posted by Sheepdog1833
on 6/28/22 at 11:27 am
0
3I’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.
Posted by 9BREES9 
on 6/28/22 at 11:43 am to Sheepdog1833
on 6/28/22 at 11:43 am to Sheepdog1833We 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 by Weagle25 
on 6/28/22 at 1:40 pm to Sheepdog1833
on 6/28/22 at 1:40 pm to Sheepdog1833Were 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 by VABuckeye 
on 6/28/22 at 3:08 pm to Sheepdog1833
on 6/28/22 at 3:08 pm to Sheepdog1833You 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 by Murray 
on 6/28/22 at 6:19 pm to Sheepdog1833
on 6/28/22 at 6:19 pm to Sheepdog1833If 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 by OysterPoBoy 
on 6/28/22 at 7:24 pm to VABuckeye
on 6/28/22 at 7:24 pm to VABuckeyequote:
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 by Tigerpaw123 on 6/29/22 at 5:40 pm to 9BREES9
on 6/29/22 at 5:40 pm to 9BREES9quote:
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 by gothamdawg 
on 6/29/22 at 6:31 pm to Tigerpaw123
on 6/29/22 at 6:31 pm to Tigerpaw123The 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 by ithad2bme on 6/29/22 at 6:35 pm to Sheepdog1833
on 6/29/22 at 6:35 pm to Sheepdog1833I’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.
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Posted by OTIS2 on 6/29/22 at 7:18 pm to Tigerpaw123
on 6/29/22 at 7:18 pm to Tigerpaw123quote:
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 by Catchfalaya on 6/29/22 at 10:46 pm to Sheepdog1833
on 6/29/22 at 10:46 pm to Sheepdog1833If 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 by Mingo Was His NameO on 6/29/22 at 10:51 pm to Catchfalaya
on 6/29/22 at 10:51 pm to Catchfalayaquote:
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
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 by baldona on 6/30/22 at 6:47 am to Mingo Was His NameO
on 6/30/22 at 6:47 am to Mingo Was His NameOquote:
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 by VABuckeye on 6/30/22 at 10:09 am to OysterPoBoy
on 6/30/22 at 10:09 am to OysterPoBoyquote:
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 by MintBerry Crunch on 6/30/22 at 11:38 am to Sheepdog1833
on 6/30/22 at 11:38 am to Sheepdog1833I 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 by MintBerry Crunch on 6/30/22 at 11:39 am to VABuckeye
on 6/30/22 at 11:39 am to VABuckeyeits 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 by MintBerry Crunch on 6/30/22 at 11:47 am to Catchfalaya
on 6/30/22 at 11:47 am to Catchfalayaquote:
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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