Since March of 2020, has your business been fully or partially suspended or limited due to a government order?
Have you suffered a decline in receipts greater than 50% for any quarter in 2020 as compared to the same quarter in 2019?
Do you anticipate suffering a decline in receipts greater than 20% for the fourth quarter of 2020, or the first or second quarters of 2021 compared to the same quarter in 2019?
If you answered “Yes.” to any of these questions, you are most likely eligible for the newly enhanced and expanded Employee Retention Credit (ERC). This credit can be extremely significant for businesses with payroll. Credits can very easily range anywhere from $5,000 to $19,000 per employee, depending on facts and circumstances. While this credit will most likely yield very large dollars, most of the attention in the newly passed Consolidated Appropriations Act 2021 (signed into law on December 27) was given to the second round of the Paycheck Protection Program (PPP). In addition, if you have eligible wages for the ERC, those wages will generally be utilized for the ERC first and not be available for the forgiveness of an existing or new PPP loan.
If you feel this applies to your business, we very strongly encourage you to join us for our next Zoom meeting where we will focus solely on explaining the details and benefits of the Employee Retention Credit. It can literally be worth thousands of dollars for you.
Please join Steve Moyer, CPA PFS CGMA CSEP and Brent Thompson, CPA CMA CGMA on Thursday, February 11, 2021, for this Zoom session from 10:30 a.m. – 11:30 a.m. They will unpack the basic rules and expansion of the credit and how it interacts with the PPP loans. You will also have the opportunity to ask questions via the Zoom chat feature.
Registration is limited to 100 attendees and is available on a first-come, first-served basis. After registering, you will receive a confirmation email containing information about joining the meeting.
Please feel free to share this with other business owners or managers you may feel would benefit. You do not need to be a Canon Capital client to attend.