This is not a loan. It’s a payroll reimbursement in the form of a refund check.
Credit amount is up to $26,000 per employee.
Even if you received the PPP you are still qualified for this credit.
New businesses are also qualified, and sometimes even for more money.
“If your business paid wages for regular W-2 employees in 2020 or 2021, you most likely qualify for this fantastic credit.”
“Unfortunately, this causes business owners not to maximize the credit they are entitled to, or even worse, not to claim it at all.”
“There are a number of hidden rules buried in the code that may help increase your allowable credit while complying with the law 100%.”
If the answers to the above questions are “YES,” you very likely qualify for this credit.
Important note: If you started your business in 2020, you might qualify just with the first qualification alone!
Keep in mind: Even most accountants and payroll processors are poorly informed as we have seen with many of our clients. The reason is simple; this credit is fairly new and complex, with a lot of rules and details buried in the code, and accountants don’t have the time to study it in depth.