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ERTC

Reach out to our MP team if you need assistance.

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The employee retention credit (ERC) program is helping organizations across the country claim significant pandemic financial relief (retroactive, for 2020 and 2021). When an eligible employer (from every type of trade or business) is claiming the credit, they’re receiving up to $26,000 per employee. This adds up; with some employers claiming credits over $1 million, $2 million, or even higher. The process to claim the ERC is a complicated, IRS-driven procedure involving tax returns and documents like Form 941X. However, with assistance from employee retention credit experts (like those at MP), it’s possible to claim the employee retention credit with a streamlined, audit-proof process. To explain why a business might be eligible for the ERC, here are three familiar examples of probable ERC recipients. If your company encountered some of these challenges, you’re also likely to be able to claim an employee retention credit. Read the article to:

– Find out how Dunder Mifflin (and other white-collar businesses) would qualify for huge ERCs
– Learn how social distancing requirements at Central Perk (or other employers) would qualify them for a significant ERC funds
– Outline the top reasons foodservice businesses (like Central Perk or the Cheers Bar) could claim significant employee retention credits
– Understand how remote work requirements help a company (like Dunder Mifflin) claim their ERC

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The Employee Retention Tax Credit (ERC) is a federal program designed to help businesses negatively impacted by the pandemic. MP provides ERC support to relieve businesses of the burden of determining eligibility and completing the complicated IRS claims process.

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Recovering from the challenges of the pandemic has been difficult for bars and restaurants. Meeting and overcoming these challenges becomes easier with pandemic financial aid funds, accessible through the Employee Retention Tax Credit (ERC Credit).

The ERC is a federal program that provides funds to organizations impacted by the pandemic. Regulatory and societal changes had a profound impact across the foodservice industry, and many companies are still trying to manage the lingering effects.

Your restaurant is likely entitled to ERC credits that provide support through these challenges, and ensure future growth and success.

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Since its inception via the CARES Act, organizations all over the United States, including in the nonprofit, trade or business sectors, have been claiming Employee Retention Tax Credits (ERCs). After completing their claim process (often via Form 941), organizations are receiving hundreds of thousands of dollars (sometimes over one million or two million) in pandemic financial aid. Employers, even those who received a Paycheck Protection Program (PPP) loan, have been able to claim up to $26,000 per each employee’s payroll costs. (Note that if an organization receives a PPP loan, they must ensure they aren’t “double-dipping.” This means their qualified wages could only be paid with monies that didn’t originate from PPP loans.) Could detract from encouraging people to seek eligibility. Employers are eligible to claim the ERC for three main reasons:
1. A significant decline in gross receipts
2. A 2020 or 2021 government order that required them to fully or partially suspend business activities
3. Other business restrictions related to government orders during the first three calendar quarters of 2021 or all of 2020.
This article outlines the various reasons employers in specific industries are often eligible for the Employee Retention Tax Credit program.
Read the article to:
• Learn why restaurants, breweries, and other foodservice companies are often eligible for large ERCs
• Find out why some ERC recipients qualify, even if they don’t pass the gross receipts test
• Outline the reasons gyms and fitness centers claim ERCs through 2020 and 2021
• Understand the factors that make transportation companies great candidates for the ERC claims process
Read the article.

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Many employers are still unsure if they’re eligible for an Employee Retention Tax Credit (ERTC), especially if they’ve received the PPP loan. Alarmingly, many employers find that their accountants also aren’t mentioning the Employee Retention Credit as they’re filing taxes. Don’t miss out on this opportunity for substantial pandemic assistance. MP’s HR services team addresses your top questions and provides answers about ERTC eligibility. Read the article to:

• Learn what does (and does not) impact your eligibility for the Employee Retention Credit
• Find out from HR and payroll experts how PPP loans interact with the ERTC
• Get clarity on how business owner’s wages are handled

Read the article.

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The Employee Retention Credit (ERC) program was created to provide relief for small businesses that were negatively impacted by the COVID-19 pandemic. Through the ERC, businesses can make a claim against payroll taxes paid for all four quarters of 2020 – and the first three quarters of 2021!