Helpful FAQs

Popular Questions on Employee Retention Tax Credits

A: No. This is 100% yours! There is no need to pay back the credits you receive.

A: If there was any period in which your business had limitations in its operations due to Covid-19 regulations, you are eligible. Also, if your business experienced a decrease in sales in any quarter compared to 2019, please let us know and we’ll figure out if this makes you eligible as well.

A: For 2020 it can be up to $5,000 per employee or 50% of the payroll, and for 2021, for the first 3 quarters, it can be up to $7,000 per quarter per employee or 70% of the payroll (a total of $21,000 per employee!)

A: Yes. However, we’ll have to make the proper calculations to make sure they don’t interfere with each other.

A: You can file it up to three years from the original payroll filing. However, in order to maximize the credit, it is advisable to file it before you apply for PPP forgiveness. Also, the IRS may become stricter in auditing these applications.

A: We’ll need some basic payroll information. No SSNs or personal information is required.

A: Our processing time is usually 2-3 business days. The IRS processing time is unpredictable; it could take 10 weeks or more.

The ERC is a new program, and your accountant may not be familiar with all the requirements of eligibility, which can be complicated. Book a free consultation with one of our experts by clicking below.