COVID-19 Pandemic Solutions
EMPLOYEE RETENTION CREDIT 2021
Dallas Platinum Partners can help you maximize your ERC value by carefully layering benefits and expenses for your PPP forgiveness application. If you already filed for PPP forgiveness or have no loan for 2021, we can calculate the maximum remaining ERC benefit available to you and help you claim the refund.
Facts about the Employee Retention Credit (ERC)
- The 2020 benefit expired in February and was extended in March for 2Q-4Q 2020. The maximum benefit is $5,000 per employee for the full calendar year if you experienced a 50% reduction of gross receipts versus certain measurement periods.
- 2021 Claims are available quarterly, up to $7,000 per employee each quarter, and MAY be combined with PPP loans as long as the same expenses are not reported for both programs.
- 1st and 2nd quarter claims expire on September 30th and can be claimed now if you did not reduce your 941 tax payment already.
- New guidance was issued for 3rd and 4th quarter calculations. However, it is possible Congress could discontinue the program at the end of the third quarter.
- You must qualify for the credit each quarter, and there are much more stringent limitations for “large employers” with more than 500 full-time employees.
- Qualification requires a governmental shut-down OR a 20% reduction of gross receipts versus certain measurement periods.
- Payroll providers are not privy to your revenue reporting, so most do not offer calculation of nor automatic filing for the credit.
Questions About the ERC
- Did you know you can receive both PPP and ERC in 2021?
- Does your firm qualify to claim the credit of up to $7,000 per employee per quarter?
- If you filed for PPP forgiveness already, how much more can you claim as ERC?
- How do you claim a refund for the credit if you already filed your 941?
WE CAN HELP YOU ANSWER THOSE QUESTIONS
Dallas Platinum Partners are subject-matter experts for the challenges facing small businesses, sole proprietors, and self-employed contractors. We offer customized solutions tailored to your business and your budget.
In addition to determining your ERC qualification, we can help you maximize ERC benefits by optimizing your PPP loan forgiveness. We offer access to other SBA funding options such as 7(a) loans and assistance with private and federal grants. Please contact us for guidance and preparation of your year-end federal reporting for the Restaurant Revitalization Fund.
PPP LOAN FORGIVENESS
Dallas Platinum Partners can help you navigate the PPP loan forgiveness process including maximum forgiveness, and forms and documentation package for submission to your lender.
We can also help you with crisis management and access to capital. Solutions for small businesses, sole proprietors, and self-employed independent contractors can include access to Coronavirus Aid, Relief and Economic Security (CARES) Act capital stimulus options and unemployment insurance in addition to, or instead of, accessing PPP loans. We can help you with other SBA funding options such as 7(a) loans, individual retirement account loans, and private or federal grants.
Facts About PPP Loans
- Your lender was compensated for funding your PPP loan.
- Forgiveness has no impact on the lender.
- Your lender will collect the loan debt. If the loan is forgiven, the SBA will pay the lender. If the loan is not forgiven, you must repay it, with interest.
- A PPP loan may be forgiven. Forgiveness is not automatically granted, you must apply to your lender.
- The forgiveness application deadline is ten months after your covered period ends.
- It is your firm’s responsibility to submit a complete and accurate forgiveness application package. Your lender may or may not assist you with the loan forgiveness application process.
- The second version of the PPP loan forgiveness application was issued with both an “EZ” version and an expanded version. A third application form, the simplified “S” version, was published in October.
- The processes, guidance, and available information change often, based upon SBA updates, Treasury Department clarifications, and Congressional pending legislation.
- You must expend all proceeds by or before December 31, 2020.
Questions About Your PPP Loan
- Are you prepared to repay the loan?
- Do you know its terms and conditions?
- Which form should you file for loan forgiveness, what is your “covered period”, and which expenses are forgivable?
- If your forgiveness application is deemed incomplete or inaccurate, can you amend or resubmit your application?
- If the SBA denies your application for PPP loan forgiveness, can you appeal? Do you know how?
- What are the repercussions of defaulting on your loan?
- What are the implications of filing now on potential PPP Round 2 (RESTART vs HEROES vs HEALS Acts)?
WE CAN HELP YOU ANSWER THOSE QUESTIONS
Dallas Platinum Partners are subject-matter experts for the challenges facing small businesses, sole proprietors, and self-employed contractors. We offer customized solutions tailored to your business and your budget.
In addition to help with existing PPP loans, we can help you access other SBA funding options such as 7(a) loans, individual retirement account loans, and private and federal grants. We can also provide assistance with any forthcoming PPP funding rounds such as the RESTART, HEROES, and HEALS acts.
To download your free PPP Loan Forgiveness DIY Kit, please complete the form and click submit.
