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Hi, Esther.
As the Legal ASSISTANT for Greenberg Traurig, Llp, this information is being sent for you to review.
The ERC (Employee Retention Credit), also called The Employee Tax Credit (ERTC), was designed to help small businesses that lost revenue due to the pandemic or whose operations were affected, but only some companies are eligible. To qualify, private companies (including nonprofits and churches) must meet one of the following criteria:
- Your business was ordered by a local government to fully or partially shut down in 2020 or 2021.
OR
- Your gross receipts for a single quarter of 2020 fell by 50% versus the same quarter of 2019 (for the 2020 tax credit).
OR
- Your gross receipts for a single quarter of 2021 decreased by 20% versus the same quarter of 2019 (for the 2021 tax credit).
If Greenberg Traurig, Llp was not in business in 2019, you could use a corresponding quarter in 2020 to show you had a revenue reduction between 2020 and 2021 and qualify for the ERC.
Notably, government entities and sole proprietors are not eligible for the ERC. If a self-employed person has staff on payroll, however, they may qualify for the ERC for wages paid to the other employees.
This is not a loan and you can claim if you received funds for the Payroll Protection Program (PPP).
In tomorrow's email, the topic for you is: Which Employees Count Towards Eligibility?
To schedule an appointment to discuss your eligibility, Esther, CLICK HERE to view availability.
To Your Success, The HD Group (602) 878-7696
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