: the ERTC is a refundable payroll tax credit aimed to relieve the financial stress from Covid-19.
The ERTC was first created by the CARES Act in 2020 but excluded employers who received the PPP. New Changes to the ERTC allowed PPP employers to qualify and changed the rules of eligibility.
The amount of your ERTC is dependent upon several complex factors. However, the maximum ERTC for qualifying businesses is:
While these calculations seem complex, they also rely on numerous involved factors. At Butrica Ployd, we simplify this process by screening your eligibility and preparing all calculations and documentation you may need. As a first step, learn more about your eligibility.
Eligible businesses include most employers including nonprofits. In order to qualify, your business must meet 1 of 3 qualifications:
Significant Loss in Gross Receipts
Full or Partial Shutdown due to Government Order
Began a new trade or business after February 15, 2020 (Q3 and Q4 2021 only)
If you believe your business may be eligible, contact us by visiting www.bpacpas.com/contact-us.
In just over 12 months, small business owners outlasted shutdowns, raced to emergency relief programs, and learned to adapt in unexpected ways. If you are a small business employer that experienced the consequences of Covid-19, you may be eligible for a refundable Employee Retention Credit of up to $33,000 per employee.