What is the Employee Retention Credit (ERC)?
ERC is a payroll tax refund created out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds.
How is ERC different from PPP?
PPP was a forgivable loan – ERC is not a loan at all. ERC returns payroll taxes you’ve already paid, back to you. Once you receive the funds no further action is required on your part.
How do you know if you qualify?
By partnering with Fusion Bank you’re already prequalified. Digging deeper, the rules provide two different ways to qualify based on Covid impacts. In 2020 and/or 2021 did your business experience either: (a) limitations of commerce, travel, or group meetings, or (b) a significant decline in revenue? If you answered yes to one of these, your business qualifies.
How is the refund calculated?
Determining the proper amount that you’re entitled to is a complex accounting process that requires an expert analogous to an Orthopedic Surgeon. One of the reasons we chose IR is their expert CPA’s and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Unlocking these government incentives for businesses like yours is Innovation Refunds’ specialty.
Is there a cost?
For Fusion Bank customers, there is zero upfront cost to determine your qualification status and to estimate your refund. On average , IR invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to claim your funds, IR simply shares in a percentage of the money you actually receive from the government.
How much time do you have?
Time is of the essence – we all know that government funded programs are subject to change. As of today, you can secure your ERC funds, but for how long remains uncertain. PPP, Restaurant Revitalization, and other support ended without notice. Don’t delay; be sure to claim your spot in line and receive the funds rightfully owed to you with Innovation Refunds.
Click below to get started on your refund.