In 2020, the federal government created several pandemic relief programs, including the Employee Retention Tax Credit (ERTC) which incentivized employers to keep their staff on the payroll, by offering them partial reimbursement for employee wages as tax credits. The updated application process from Evolved ERC provides a fast method for determining employer eligibility, with no obligation.
To learn more about the ERTC program, or to take the no-cost eligibility test, please visit https://bit.ly/3yXFHJJ
The ERTC program has gone through several amendments since it was created, including an extension to the program, and then a retroactive cutoff that brought it to a premature end. The new application from Evolved ERC allows employers to complete their claim before the deadline, which some experts believe may be passed into law soon.
Along with several other changes, amendments to the program have expanded the eligibility, allowing many employers who were previously ineligible to make a claim. Companies that have already received funds through the Paycheck Protection Program (PPP) can now also claim ERTC tax rebates, as well as employers with up to 500 full-time W-2 employees on average.
While the PPP and the ERTC were created at the same time, and to address many of the same issues, they offer relief funds in different ways. Unlike the PPP, ERTC tax credits are not a loan, never need to be repaid, and have no restrictions on how they can be spent.
Eligible employers may claim as much as $26,000 per employee since the maximum claim amounts were also increased in 2021. Originally, it was possible to claim up to $5,000 per employee, per quarter, but that has increased to $7,000 per employee, per quarter, for wages paid in 2021.
The expanded eligibility includes startups and non-profit organizations, such as churches, schools, and hospitals. New businesses founded during the pandemic may also be eligible for up to $100,000 in rebates, under special rules for Recovery Startup Businesses.
Evolved ERC also offers a unique program that provides employees with pre-funded cards which they can use to support charities of their choice, at no cost to the staff or company. To make a claim or determine if they qualify for a rebate, employers can take the no-cost, no-obligation assessment on the Evolved ERC website.
For more information or to take the eligibility assessment, please visit https://bit.ly/3yXFHJJ ask for Carlos Julio Partner
Evolved Profits Partner
Evolved Profits Partner
4 Tulip Lane
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Boston New Times journalist was involved in the writing and production of this article.