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Is your business suffering due to the COVID pandemic? If you have a business in place that was formed before December 31, 2020, you may be eligible to receive money back from the government due to a decrease in revenue or limited liability.
This option is called the Employee Retention Credit Program, and business owners can even apply for it if they’ve already applied for or received a PPP loan. Many businesses were forced to choose between paying their taxes or keeping their employees paid. If this sounds familiar, this program might be a good fit for you.
Employers, including tax-exempt organizations, are eligible for the credit.
Qualifications:
• Must be established before December 31, 2021
• Must have under 500 employees
• Employees must receive W2 wages
• 1099 contractors are ineligible
How Emerge180 helps get clients the money they deserve:
Jonathan Field, President of Emerge180 said the following, “You must be licensed tax professionals, to navigate the system. At Emergee180, we have a dedicated team of tax professionals that are familiar with the Employee Retention Credit Program. They know the ins and outs and how to maximize the amount for our clients because they are working with this program every day.”
A few of the IRS Rules and Regulations:
1. the full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
2. a significant decline in gross receipts.
A significant decline in gross receipts begins:
• on the first day of the first calendar quarter of 2020
• for which an employer’s gross receipts are less than 50% of its gross receipts
• for the same calendar quarter in 2019.
The significant decline in gross receipts ends:
• on the first day of the first calendar quarter following the calendar quarter
• in which gross receipts are more than of 80% of its gross receipts
• for the same calendar quarter in 2019.
The credit applies to qualified wages (including certain health plan expenses) paid during this period or any calendar quarter in which operations were suspended.
Emerge180 makes it easy
Mr. Field continued, “We’ve had clients receive over two and half million dollars. The pandemic hurt countless individuals and their businesses; the money from this program can be used to keep their business afloat, to reimburse themselves or their employees. Ironically, not many people know about this program. We are experts at helping clients work through the intricacies and reap the benefits. There is also a great deal of misinformation about the program, so working with us is really a welcomed opportunity for so many people.”
Emerge 180 accepts walk-in appointments, has a dedicated phone line set up for specifically ERC program inquiries, an online calendar for appointment bookings, and a resource center that provides webinars about the Employee Retention Credit Program.
More details about Emerge180
For over 20 years, Emerge180 has kept family businesses in the family by negotiating financial solutions when they ran into serious and even catastrophic trouble. We’ve shepherded viable companies through the negotiation process, bringing business owners back from the brink of bankruptcy, restoring their family’s livelihood, and making them solid, strong, and whole once again.
Emerge180 can engage your creditors at any point and immediately establish an action plan that first gives you, the owner, the most important thing you need: Time. Creditors usually realize that they stand a better chance of getting money from a business that is generating revenue. Emerge180 talking with your creditors buys valuable time. Time to operate your business and time to generate more revenue. It also lets your creditors know you’re serious about settling your outstanding business debt.
Emerge180 is adept at negotiating settlements that successfully retire debt in a shorter period at a reduced sum. The negotiated savings are passed along to you. The net result is that you settle your debts for less than what was originally owed. Guaranteed.
Call Emerge180 and emerge debt free.
Emerge Solid. Emerge Ready.
Emerge180
Call us today at (800) 805-1138, or visit us online at Emerge180.com.