Businesses and non-profits with W-2 employees during 2020 and 2021 will likely qualify for the ERTC tax rebate. The best part about this is that even if a business or non-profit received a PPP loan they can still get an ERTC rebate and not have to pay it back.
The newly revised government tax program called ERTC now allows businesses and non-profits to receive funds from both the PPP and ERTC, not just one.
The PPP has ended but ERTC is still receiving claims for every W-2 employee a business or non-profit has, but what makes the ERTC so different is that it is NOT a loan, it’s a cash credit with no restrictions on how it is used and never has to be paid back.
The average rebate seems to be around $150k but varies based on how many employees a business or non-profit has. The funds are available to businesses and non-profits with fewer than 500 employees.
Most businesses and non-profits probably qualify for more than they think. Many that applied have received much more than they expected!
These are the key points to check off to determine if a business or non-profit most likely qualifies:
Did the business or non-profit have W-2 employees that were paid in 2020 or 2021?
Did or did not receive a PPP loan (either one is ok).
Had a revenue drop from 2019 to 2020 or 2021 and/or were affected by a full or partial shutdown.
It is a complicated process to apply for ERTC so a professional CPA firm that specializes in filing ERTC claims. One firm that has processed over 8000 claims for businesses and non-profits is ERTC Fund Claims they offer a free consultation so clients will know exactly how much they will receive before any fees.
The time to apply is NOW! The ERTC Fund round of funding will end in 2024 or when the funds are depleted.
ERTC Fund Claims
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Herald Quest journalist was involved in the writing and production of this article.