Employers That Received PPP Loan May Now Claim Employee Retention Credit as Well

by PRC Agency PR

The federal government is rewarding companies for having done the right thing by having retained their employees during a difficult time of the pandemic. With this unprecedented stimulus, the government wants to incentivize and give back by tax refunds to employers for having kept staff on payroll throughout these difficult times shaped by restrictions.

Such rewards can be huge if the business owner is aware of the PPP and ERC interaction and knows how to receive the maximum benefit out of both. However, only a very few know about it even though they already have their CPA firm.

The Employee Retention Tax Credit program and its corresponding tax codes are a separate category from income tax codes and therefore it is better for Payroll Service Providers, CFOs to collaborate with a CPA firm specialized in ERTC rather than being responsible themselves for making accurate Employee Retention Tax Credit claims regarding eligibility or even being liable to stakeholders for having missed out on such tax credits the business would normally be entitled to.

This is where Bottom Line Concepts comes in, a leading CPA firm specialized in in Employee Retention Tax Credit submissions. These specialists report that small and medium sized businesses with 5 to 500 employees affected by the pandemic may be eligible to receive refunds in the form of tax credits of up to $26,000 per W-2 employee, even if the business received PPP funding previously. However ERTC will only apply to wages not used for the PPP.

Bottom Line Concepts LLC has assisted over 20,000 businesses navigate the complex Employee Retention Tax Credit process and apply for over $3.5 Billion dollars in refunds.

According to a recent survey the majority of businesses owners that had already received funding from the Paycheck Protection Program is still unaware of the change in regulation regarding the potential eligibility for both, ERTC and PPP loan. Currently only 30 percent of all businesses - normally eligible to receive the Employee Retention Tax Credit - have actually claimed ERTC. So, a vast majority is still leaving money on the table without even being aware of it. It does not have to be this way.

And in contrast to PPP the Employee Retention Tax Credit is not a loan. It is a special refund based on the payroll of a business. No repayment is required, and there are no limitations for how businesses must use these funds.

Within the deadline given employers may still apply or first check their eligibility for ERTC online at https://businessfundingsuite.com

If in any case Bottom Line Concepts cannot get a refund the client does not owe any fees.

Wellcelerators LLC 30 N Gould St, Ste R Sheridan, WY 82801, Sheridan, Wyoming 82801, United States Website https://businessfundingsuite.com Phone +1-307-363-5158

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Created on May 12th 2023 20:21. Viewed 76 times.

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