Employee Retention Credit: Have You Checked Your Eligibility?

If you own a business and have payroll, contact us today for a no-risk consultation regarding your eligibility.

 

Did You Know?

Lovelace Payne has helped our clients claim over $10 million in Employee Retention Credits (ERC). Yes, that’s right. We’ve taken a lead in providing ERC consulting services and as a result, the benefit to our clients has been overwhelming. 

 

What is ERC?

The Employee Retention Credit is a tax credit for companies that retained employees through the 2020 pandemic. Amendments were made in 2021 that provided for even more employers to take advantage of the tax credit which allows employers to receive tax credits up to $5,000 per employee for 2020 wages and up to $7,000 per employee per quarter for 2021 wages. That means you may be eligible for up to $33,000 per employee!

 

What about Eligibility?

If your business was fully or partially suspended in any quarter due COVID-19 orders OR if you have experienced a decline in revenues compared to 2019, you could be eligible! We will help you determine your eligibility.

 

What about the PPP Loan?

You can still be eligible for the ERC even if you received PPP Loans as long as qualifying wages are not applied to both the PPP Loan forgiveness request and the ERC calculation. We will help you determine your eligible wages.

 

Still Unsure?

We’re available to help you determine your eligibility and ERC amounts. If this doesn't apply to you but you know someone else whose business has suffered, pass this along and let them know that we are here to help.

 

We at TJ Advisors are committed to bringing you the most relevant and up-to-date information in an effort to help your business stay on track during this period of uncertainty. Please note that not all provisions, exceptions, exclusions, and special circumstances are included in order to maintain brevity. Please reach out directly so that we can provide the business support you need in these unprecedented times. We are here for you, contact us today at wecare@lovelacepayne.com or 972-629-9164.