I hope all is well with you and your business.
I’d like to take a few moments and talk about the Employee Retention Credit program, a program under the Cares Act specifically geared towards small and medium sized businesses like yours. Cressida recently began working with local businesses helping them understand how this program will help them and assisting them in the application process.
Here is a little more about the Employment Retention Credit program (ERC):
· As part of the Cares Act, this program rewards businesses who maintained W2 employees on their payroll during 2020 and 2021
· For profit and non-profits are eligible
· 7 - 500 employees (if you have multiple companies, each will qualify on its own merit)
· Full and part time employees are eligible
· Your business DOES NOT need to show a decrease in revs or profit during 2020 or 2021 to be eligible
· 90%+ of businesses are eligible for this tax credit program under the Cares Act
· Most accountants do not know about it or don't understand it
· Up to $26k or more per eligible employee
· 3-4 months to receive check directly from the Treasury (this is not a loan and does NOT need to be earmarked or paid back)
If you employed full and/or part time W2 employees during 2020 and/or 2021, your business most likely qualifies for the ERC program. And therefore, you qualify to receive a credit in the form of check from the US Treasury paid directly to your business.
Recent Examples:
1. One of our business owner Clients qualified for a $1,100,000 credit amount just recently based on 24 employees.
2. A maid service company also just received notification from our team that it qualified for a $991,000 credit amount.
3. A landscaping company with 70 employees qualified for $2,193,000. His accountant told him he only qualified for around $900k.
Feel free to send me an email at edmyska@cressidacapital.com to set up a time to discuss the ERC program or give me call at 310-871-4257.
Regards,
Ed
