Get paid for the employees you kept on payroll. Did you know that recovery startup businesses (e.g., churches, schools, non-profits, and for-profit entities) can receive up to $100,000 in funding through the Employee Retention Credit (ERC), a payroll tax refund program launched as a part of the CARES Act relief package?
You, or small business owners you know may qualify.
What SMBs should know about the Employee Retention Credit (ERC)
The Employee Retention Credit (ERC) is a payroll tax refund from the United States Treasury Department applicable to businesses who kept employees on payroll during the pandemic.
This is an often-overlooked CARES Act benefit for small businesses and non-profits. This opportunity is a result of legislation passed in Congress to support recovery startup businesses (RSBs) that created new jobs and grew their payrolls in 2021.
Recently the IRS has provided clarity on the definition of a “recovery startup business.” Churches, schools, and non-profits are eligible for funding. Under a clarification notice the IRS specified that an RSB employer must have:
- started carrying on their trade or business after Feb. 15, 2020
- average annual gross receipts under $1 million for the three tax years preceding 2021
- not been otherwise eligible for the ERC due to suspended operations or a decline in gross receipts
A recovery startup business can qualify for up to a maximum of $50,000 in ERC tax refunds per quarter for the third and fourth quarters of 2021. Qualifying businesses can receive up to $7,000 per employee per quarter, with a maximum of $50,000 per quarter for the third and fourth quarters of 2021 for a total of $100,000 in payroll tax refunds.
To ensure businesses get the funding they are entitled to, Corporate Strategies Merchant Bankers has developed a streamlined qualification analysis, application and filing process. A team of small business funding experts, legal, accounting and tax professionals can provide the guidance and skills necessary to guarantee IRS compliance. Corporate Strategies is a merchant banking, business funding, and business expansion consulting firm with over 39 years’ experience.
Covid-19 recovery funding for small business and non-profits
Corporate Strategies understands the unique qualification basics for the Employee Retention Credit (ERC) tax refund that religious organizations, schools, and non-profits are entitled to.
Tim Connolly, the founder, and CEO of Corporate Strategies Merchant Bankers, has extensive public and private company experience financing as CEO of US, Canada, and European Union-based company operations.
In fact, company was fully involved with the CARES Act legislation before it was even passed. Connolly has in-depth knowledge of the CARES Act Senate distribution list and its many amendments.
This first mover knowledge of CARES Act provisions enabled Corporate Strategies clients to quickly obtain Payment Protection Program (PPP and PPP2) loans, Economic Injury Disaster Loans (EIDLs), and Employee Retention Credits (ERCs) tallying up to multi-million-dollar relief funds. Connolly’s team was able to do this before many other service providers even knew the qualifying legal details.
“ERC is a credit, free money off your tax bill. Remember that unlike a deductible, which decreases your taxable income, a credit reduces the amount of total tax owed to the IRS.”
The Corporate Strategies team’s unique body of knowledge enables them to accurately qualify diverse types of organizations for the maximum legal tax refund. Their experience analyzing the provisions of the CARES Act and hundreds of pages of IRS documents on how to qualify and document ERC tax benefits has resulted in refunds ranging from $70,000 to $2.9 million. Much of this funding was secured after clients were previously told by tax professionals, they did not qualify for the employee retention credit.
Founded in 1984, Corporate Strategies Merchant Bankers has extensive public and private company experience in US and International Merchant Banking, creating unique non-bank funding solutions for SMBs and leading turnaround operations teams in the USA, Canada, and the European Union. As founder and CEO, Connolly has been a nationally syndicated radio commentator and a guest on CNBC, ABC, NBC and well-known business and political news programs. He holds business administration (business & marketing) bachelor’s and master’s degrees from Texas A&M University (College Station, Texas).
Don’t miss this golden opportunity – check your business’ eligibility
Today, Corporate Strategies is a leader in the private lending and real estate investment community. The company achieved this by successfully financing small to medium-sized businesses (SMBs) and startups who were rejected by conventional banks. They actively invest in commercial real estate acquisitions, development, private lending for bank non-renewal of business loans, and private lender asset-based financing.
This one-of-a-kind program represents a golden opportunity for qualifying businesses, including churches, schools, and non-profits, to secure funding. For more information and a preliminary qualification application visit corporate-strategies.net/erc-refunds.
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