Prime Advisor
Claim your ERC today and get up to 26K per employee
What is ERC?
The Employee Retention Credit (ERC) is a tax credit first put in place in 2020 as a temporary coronavirus-relief provision to assist businesses in keeping employees on payroll. Since then, the ERC has been significantly expanded, this are great news for employers and employees.
Prime Advisor help business owners receive money back from the ERC federal grant, and most important, you don't have to pay it back (it's NOT a loan).
This ERC program differs greatly from the Paycheck Protection Program (PPP) and is much easier to apply for.
Prime Advisor will submit and collect all important documents making this program a turnkey for your business.
Does my business qualify?
If your business experienced a partial or complete suspension of operations you might qualify, this includes:
Social distancing requirements that reduced capacity
Supply chain disruptions
Reduction of hours of operation
Distribution delays or suspensions
Suspended onsite work or client meetings
Schedule an appointment with an expert to start your process
Most common mistakes and misunderstandings surrounding the ERC
Now you can claim both! Congress, in the Consolidated Appropriations Act (CAA) of 2021, removed the limitation on olly claiming one or the other. PPP will only account for 2.5 times your monthly payroll expenses and is meant to be spread out over 6 months. This leaves plenty of uncoveres wage expenses for claiming ERC
Even a partial suspension order by the government (federal, state or local) of your business could potentially qualify. For instance, a partial shutdown, a disruption in your business, inability to access equipment, having limited capacity, reduction in services offered, and other scenarios potentially qualify for the ERC.
The CAA has changed the qualifications so taht a reduction of 20% now qualifies. BUT remember there is also another way to qualify for ERC - if your business has been subject to a partial or full suspention due to a goverment order
This is a refundable credit. In practice, this means that any credit overage above tax liability is sent to the taxpayer/business owner as a refund.
