April 22, 2021 CARES Act Assistance

Have you heard of the Employee Retention Tax Credit (ERC)?
 
If your business was impacted by COVID-19, there is a significant amount of unclaimed money quite possibly waiting for you. The amount is up to $19,000. But why have you not heard of this? Most all businesses can certainly benefit from it as there are just two qualifications.
 
1. Business gross receipts (revenue) must be down by at least 50% in any quarter in 2020 compared to the same quarter in 2019 OR
 
2. The business must have been fully or partially suspended by a government (state, county, local) order. This means that every restaurant qualifies, even if for some reason their sales are up. In fact, many restaurants may still be considered under partial suspension. Unless the business can operate at 100% of what they were operating pre-COVID-19, then they may be considered partially suspended.
 
What does this mean for you? Businesses are eligible for up to $5,000 per employee credit for wages paid in 2020 and $14,000 per employee credit for wages paid in 2021, so the potential is quite great. PayMaster is assisting all business clients with the application process to calculate the potential credit earnings.