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Established by the CARES act, the Employee Retention Credit is a tax credit created by the U.S. Government to encourage and reward businesses who retained employees during COVID-19 shutdowns and slowdowns.
Unlike much of the earlier federal Covid relief, the ERC is not a loan. It's a tax refund that's payable in cash — to use at your discretion as the business owner.
The ERC credit is a tax refund paid to businesses through a paper check mailed from the IRS. It is not a future credit against the next quarter's tax liabilities — it's cash in your company's pocket. Business owners are free to use their ERC refund check as they please.
The ERC is available to any employer—including non-profits, regardless of size—that has experienced either a full or partial shutdown of operations due to a governmental order related to COVID-19, or has experienced a decline in gross receipts. Governor Desantis shut down order means ALL FLORIDA RESTAURANTS QUALIFY.
The Paycheck Prevention Program was a forgivable loan from the government that you had to apply for and were granted based on your credit history and borrower status. The Employee Retention Credit (ERC) returns the payroll taxes that you have already paid and thus it is yours to claim, regardless of your borrower or credit worthiness. Once you receive the funds you do not have to pay them back or take any more action.
In our experience less than 5% of CPAs/Bookkeepers even know that this credit exists and those that do most likely are using outdated information (for example previously you could not get this credit if you got PPP, but that changed recently and many CPAs/Bookkeepers aren't claiming it for their clients).
There are over 70,000 pages of tax code which means it would be impossible to be an expert on all of it. We're specialists in this field and us and our partners have gotten back almost $3B for small businesses around the United States. Your CPA/Bookkeeper is more of a generalist and will likely just fill out the form without thinking much of it potentially leaving you with hundreds of thousands of dollars you could have gotten back if you did it the right way.
We have a full team of specialists who can work with your CPA/Bookkeeper to get the necessary information required and make it as smooth a process as possible for you.
The initial analysis to determine your eligibility and approximate credit is completely free. If you file for an ERC with us, our fee is a small percentage of the credit once it has been received.
Once we receive your application and documents our work will be complete within 48 business hours (other companies take 15-45 days). You’ll receive refund checks from the US Treasury in 5 - 8 months depending upon backlog. The longer you wait, the longer it will take!
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