Educational Presentation - Employee Retention Credit (ERC)
Employee Retention Credit (ERC)
A program where the government refunds a portion of FICA payroll taxes to businesses affected by COVID-19, paying up to $14,000 per employee for tax years 2020 and 2021. The benchmark used is based on tax year 2019 for comparison. It is not a loan, it is a rebate that is tax free. Although it is a separate program, if you previously qualified for the PPP loan there is a high probability that you will qualify for the ERC program. Both for profit and non-profit businesses can qualify. This is part of the Care’s Act that was enacted in 2020. Let’s invest 20 minutes of your time to see if you can receive thousands of dollars from this governmental program.
Three ways to qualify for the ERC:
- From a revenue standpoint
- Supply chain standpoint / disruption
- Government shutdown, slow down, and/or operational changes
- Schedule a 20 minute phone conversation with an ERC Specialist to determine if you qualify. After this call you will have an approximate amount of the rebate
- If you qualify, there will be a 60 minute phone conversation to discuss in more detail and how to upload your 2020 and 2021 tax filings.
- The ERC Specialist team will file documents within two weeks and will know the amount of return at that time.
- Approximately 5-6 weeks after filing a check will be sent to either your company, an escrow account, or to the accounting agency. The fee for the services is 15% of the recovery.
- The business is funded 100% by the government.
- Those who own 50% or more of the business and their family members are not included in the calculation of the rebate
- 1-500 employees
- 500+ employees can still qualify, but must file differently
- Healthcare Industry
- Non-profit / Churches
- Construction companies
- Supply and Food Chain companies
- Two individuals that came from the IRS
- An attorney that wrote the legislation for the government
About the Presenter
Martin Aiello Financial Professional BNJA Insurance and Financial Services, Inc. “Focusing on one client at a time.” Martin has 20 + years success leading financial consulting for high profile organizations. A professional consultant in all facets of performance planning, financial management, strategy development and retirement planning. Qualifications: • Graduate – California State University • Launched Regional Planning Division Resulting in over $12 billion in Assets • Recognized Eight Years “Circle Of Excellence” Performance Awards • Registered Representative • Life Underwriter Training Council Fellowship - Enrolled • Licensed Life & Health Agent Professional Specialties: • Wealth Accumulation & Preservation • Business Succession Planning • Asset Protection • Estate Analysis & Tax Planning • Employee Benefit Planning • Retirement Strategy