Most people are still operating under the assumption that you cannot do both. You can. The legislation passed last January allows a qualifying entity to claim both the PPP and the Employee Retention Credit.
If you were unable to get the second round of the PPP, then you should certainly claim the ERC.
Maybe you couldn’t get the send draw because your receipts didn’t go down 25% in one quarter as opposed to the corresponding quarter in 2019? That doesn’t stop you from claiming the credit.
Maybe you weren’t in business back in March of 2020? There’s no rule that says you can’t claim the credit on your existing payroll no matter when you opened.
Maybe you just had a problem changing entities or with your paperwork? Whatever the difficulty happens to be, you should certainly claim the credit.
By the way, this is a refundable credit. We’re talking about getting you a check.
And if you did get the first and the second round of PPP Loan funding, then there’s no reason why you can’t claim the credit on the remaining payroll not used for forgiveness as well.
For additional information on claiming the credit and a sign up form, please go to the following web address.
Let me leave you with this.
Let’s not act like this is easy. This isn’t like the first draw of the PPP. The reason that the payroll services aren’t offering this necessary service is that claiming the credit is difficult. You need to have people who understand tax law. Educated people who can manually prepare forms. This isn’t the sort of thing that a computer can just generate.
Our program includes all of the necessary consulting, preparation of the worksheets and the forms, as well as an automatic amendment, if necessary.
By the way, the math works.
I just got off the telephone with a client who has 5 employees in addition to himself who make about $2,500 per month. The quarterly credit in 2021 that we will get for him is a little over $26,000. For that, our fee is $1,500 per quarter.
Not a bad return on investment. Go to the web address, and sign up today.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
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