ERC grant 2023: Time Is Running Out To Apply

NORTH MIAMI BEACH, Fla. - Oct. 19, 2023 - PRLog -- The deadline for claiming the ERC, Employee Retention Credit, in 2023 is getting closer. This tax credit program began on March 13th, 2020, and ended on September 30, 2021, for eligible employers. Eligible employers who want to claim the ERC grant for the second, third, and fourth quarter in 2022 must submit their application by April 15, 2024.

What is the Employee Retention Credit?
The Employee Retention Credit, or ERC, is a stimulus program created to help businesses that were able to retain employees during the COVID-19 pandemic. Eligible employers can claim up to $5,000 per employee in 2020 and up to $7,000 per employee per quarter in 2021.

What Businesses Qualify for the ERP?
The qualification process can be complicated. Employers must establish their eligibility. There are basic requirements that help small and mid-sized businesses determine their eligibility. They must meet one of the following:

A significant decline in gross receipts for any eligible quarter in 2020 or 2021, which is defined as a 50% reduction in revenue during any quarter in 2020 compared to the same quarter in 2019, or a 20% reduction in revenue in any quarter of 2021 compared to the same quarter in 2019.

A partial or full suspension of operations due to orders from the federal government, or a state government having jurisdiction over the employer, limiting commerce, travel, or group meetings related to COVID-19.

Besides, businesses that received PPP loans (Paycheck Protection Program) are still eligible to receive the credit.

Our team makes it seamless for your business.
GovermentAid guides employers through the process and outlines the steps needed to take to maximize the ERC. Book an appointment with us, and we'll educate you on the ERC and help you understand your business eligibility. From there, we file your claim and track the entire process for your peace of mind. Visit our website to schedule your ERC consultation today at https://www.governmentaid.com/.