FN CONSULTING
Tax Credit Consultants
EMPLOYEE RETENTION CREDIT (ERC)
The Employee Retention Credit is a Federal payroll tax credit of up to $33,000 per employee for businesses affected by Covid-19. This credit was first introduced by the CARES act in March 2020, and was expanded through the American Recue Plan Act in December 2020.
Any business that has lost revenue and has W2 employees should see if they qualify, including those who received a Paycheck Protection Program loan (PPP) or other COVID relief.
To see if your business qualifies, complete the 2 minute questionnaire below.
FAQ
AM I ELIGIBLE?
Businesses that lost revenue in 2020 or 2021 and have W2 employees may qualify. Complete the survey to find out.
CAN I GET THE ERC IF I RECEIVED THE PPP LOAN(S)?
Yes! Businesses that received a PPP loan are now eligible to claim the ERC.
HOW MUCH IS THE CREDIT?
The credit is worth up to $5,000 per employee for 2020, and up to $7,000 per employee for each quarter of 2021. As long as you still qualify, you can claim it all year.
IS THE ERC A LOAN?
The ERC is NOT a loan. It is a tax credit, meaning you don’t need to pay it back or track what it’s spent on. It is a direct refund check from the IRS.
WHAT INFORMATION DO YOU NEED FROM ME?
We will need information on quarterly revenue, payroll, and PPP loans (if applicable). We can also work directly with your CPA or payroll company.
HOW LONG DOES IT TAKE TO GET THE CHECK?
It usually take 4-8 weeks though the IRS is currently experiencing delays.
STEP 1
Fill out our 2 minute qualification form
STEP 2
We will work with you to determine eligibility and calculate the credit based on your payroll
STEP 3
We submit the credit filing package (Form 941x) together and will provide you with all backup documentation
STEP 4
Check arrives in the mail!