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Tuesday, 20 July 2021 20:52

COVID-19 Relief Funding is Still Available

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The California Autobody Association (CAA) released a series of FAQs about the Employee Retention Tax Credits.

What is the ERTC?

 

The Employee Retention Tax Credit is a tax credit of $5,000 to $7,000 per employee. It’s part of the CARES act, and was extended as part of the year end Coronavirus Omnibus Spending Act.

 

Can I get the ERTC and the PPP?

 

Yes! The ERTC has been around as long as the PPP. But prior to December, you could only qualify for EITHER the PPP or the ERTC. Congress changed all that in late December and now you can get both. There are very strict rules about how the two aid programs interact, but you absolutely can take advantage of both.

 

Why doesn't my accountant know about this?

 

This is so new even the IRS has not updated its website to reflect the changes from the latest Congressional stimulus bill. Remember---this is nearly a 6,000-page document. But we have a team dedicated to reviewing all the small business aid packages. Many accountants not specialized in government aid programs also mistakenly conflate COVID sick and family leave with employee retention benefits.

 

Are there other tax credits available?

 

Yes! There are attractive tax credits available for paid emergency sick leave and paid emergency family leave. There are also tax credits available for research activities or hiring veterans, previously unemployed or economically disadvantaged individuals. There are also very attractive credits available if you started a business last year or invested in solar energy projects.

 

Do I qualify?

 

Click here to use this simple two-minute calculator to find out if you qualify for the IRS stimulus.

 

I think I qualify---what should I do next?

 

Schedule a time with our team. We’ll walk you through exactly what you’ll need to do to claim your credit.

 

Source: CAA

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