Employee Retention Credit

The ERC (Employee Retention Credit) is a payroll tax refund from the same COVID relief bill as the PPP (Paycheck Protection Program), which incentivized businesses that kept employees on payroll during the COVID-19 pandemic. Initially, businesses were limited in their ability to claim either PPP or ERC, but not both. However, the rules were modified, and now your business can claim ERC even if you received PPP funds.

The PPP (Paycheck Protection Program) was a forgivable loan. The ERC (Employee Retention Credit) returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury, no further action is required on your part.

You may qualify if your business experienced disruptions to commerce, travel, or group meetings. This includes supply chain disruptions, price increases, staffing shortages, reduced operating hours, reduction in goods or services offered, and being unable to travel or attend business conventions.

Determining the proper amount that you’re entitled to is a complex accounting process that requires a knowledgeable and experienced professional. One of the reasons New Horizon Bank chose Innovation Refunds is their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Unlocking these government incentives for businesses like yours is Innovation Refunds’ specialty.

No. This is a refund of payroll taxes that you paid, so the money is yours.

For New Horizon Bank customers, there is no upfront cost to determine your qualification status and to estimate your refund. On average, Innovation Refunds invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to claim your funds, Innovation Refunds shares in a percentage of the money you receive from the government.

Time is of the essence. As of today you can obtain these funds, but for how long remains uncertain. PPP, Restaurant Revitalization, and other COVID-19-related funds ran out without notice. Don't delay; be sure to claim your spot in line and receive the funds rightfully owed to you.