New York,United States - March 30, 2022 /NewsNetwork/ —
The Employee Retention Tax Credit (ERTC) was launched in 2020 as part of the CARES Act and alongside the Paycheck Protection Program (PPP.) However, the program has recently gone through several changes since it was first launched, which employers should be aware of.
To watch a short video explaining the most recent changes to the ERTC, please visit https://ertcquiz.com/video
The most important change to the program was an expansion of the eligibility requirements, which gave many employers who were originally ineligible access to tax rebates. Businesses with up to 500 full-time employees on average can now enroll in the program, though the original limit was 100 employees.
Employers who received funds through the PPP are also now eligible, and the ERTC program has several benefits over the PPP. While the programs were created at the same time, and for the same purpose, they provide pandemic relief funds in different ways.
While the PPP is a loan program, and the received funds have restrictions on how business owners can spend them, the same is not true of the ERTC. Tax rebates are not a loan, do not need to be repaid, and have no restrictions at all on how they can be spent.
Another recent change to the ERTC program is a significant increase in the amount employers can claim per employee. In 2020, the limit was $5,000 per employee, or 50% of the first $10,000 of their wages, per quarter. For 2021, that amount was increased to $7,000, or 70% of their wages.
These changes have made many employers unsure about whether they qualify for rebates, and how to maximize their claims. On the ERTC Today website, there is a complimentary 60-second quiz that can determine their eligibility, with no obligation to proceed with a claim.
After taking the short quiz, employers can choose to have the ERTC specialist accountants pre-qualify them for a rebate, which may be up to $26,000 per employee. The entire process is completed through a secure server, and the application is open to small businesses, non-profit organizations, and start-ups.
To learn more about changes to the ERTC program or to take the eligibility quiz, please visit https://scotthall.co/employee-retention-tax-credit
Contact Info:
Name: Scott Hall
Email: Send Email
Organization: ScottHall.co
Address: 60 West 23rd St. Suite 638, New York, NY 10010, United States
Website: https://scotthall.co
Source: NewsNetwork
Release ID: 89072316
