Financial Match, a B2B consulting company, is helping small business owners apply for Employee Retention Credits (ERC) through their assistance program and is offering advice on the top 5 ERC application issues applicants come across.
BOCA RATON, FL, February 23, 2023 /24-7PressRelease/ — Financial Match, a B2B consulting company, is helping small business owners apply for Employee Retention Credits (ERC) through their assistance program and is offering advice on the top 5 ERC application issues applicants come across.
Financial Match has made it their mission to aid small businesses in receiving the financial assistance that they rightfully deserve if they experienced shutdowns, supply chain reductions, or revenue reductions. The ERC Credits can provide up to $26,000 to each W-2 employee under the IRS ERC program.
Unfortunately, confusion continues to cloud prospective applicants as well as their CPA’s regarding the application process, making it seem near impossible to receive any form of funding or assistance.
Rest assured, Financial Match answers the top 5 ERC issues applicants come across:
1. Claiming ERC if you have already claimed PPP (or have gotten PPP loans forgiven)
Congress, in the Consolidated Appropriations Act (CAA) of 2021, removed the limitation on only 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 uncovered wage expenses for claiming ERC.
2. Your business did not have a drop in gross receipts of 50% or more
The CAA has changed the qualifications so that a reduction of 20% now qualifies. There is also another way to qualify for the ERC – if your business has been subject to a partial or full suspension due to a government order.
3. Your business was in “losses”, or does not have any tax liability
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.
4. Your company has grown to over 500 employees, are you eligible for the ERC?
The employee count restriction is based on full time equivalent (FTE) employees. If you paid any employees to NOT work, or to work less than the hours for which they were paid, then the employee count restriction would not apply for those employees.
5. Being affected by COVID-19 qualifies you for the ERC.
There are two COVID-19-related consequences that could lead toward ERC eligibility: revenue decline and “more than nominal” impacts on the business. The main issue is that it’s widely believed that any COVID-19-related complications qualify a business for the ERC.
“Financial Match works hard to ensure that our clients come out of their consultations with the tools and answers they need in order to receive the financial assistance the ERC Credits will provide,” said Joshua Ghazal, President of Financial Match. “We hope to continue assisting businesses receive and take advantage of the full ERC credit until it is set to decrease in early October 2023.”
Prospective clients can check their eligibility on Financial Match’s website to estimate their possible ERC payout by using their online tools.
About Financial Match
Founded in Boca Raton, FL, Financial Match is a leading national business advisory practice that thrives on creating meaningful relationships with businesses. The company works with a network of expert CPAs who assist clients in quantifying and filing for ERC Credits and other bottom line enhancing grants. To learn more about Financial Match and applying for the ERC program, please go to https://www.financialmatch.com/ today!
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