Get a payroll tax refund up to $26,000 per employee!
Does your business qualify?
A tax refund is closer than you think.
GBC is partnering with Innovation Refunds to provide new and existing GBC customers with a turn-key solution to the Employee Retention Credit program. Funded by the Covid-19 Relief Bill, qualifying businesses are eligible for a tax refund of up to $26,000 per employee. Innovation Refunds helps GBC customers navigate this limited-time opportunity to maximize their refund potential.
Q What is ERC- Employee Retention Credit?
ERC is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds. That's great news.
Q Why was the Employee Retention Credit instituted?
The ERC was established as an incentive for businesses to keep employees on payroll during the pandemic, similar to the Paycheck Protection Program (PPP).
Q How is ERC different than PPP?
PPP was a forgivable loan. ERC returns to your business payroll taxes you already paid. Once you receive the ERC funds from the US Treasury no further action is required on your part.
Q Can my business recieve both, ERC and PPP?
Yes, prior to 2021, companies were not able to claim both PPP and ERC. However, due to a recent regulation change, that is no longer the case.
Q Why haven't I heard about ERC before?
PPP was heavily marketed by the SBA, while ERC is claimed directly through the U.S. Treasury. Our partnership with IR will educate businesses about the payroll tax refund they may be entitled to.
Q Why can't my CPA do this for me?
There are over 70,000 pages of tax code: it's impossible to be an expert on all of them. ERC is all that Innovation Refunds does.
Q How do you know if you qualify?
There are two different ways to qualify. In 2020 and/or 2021 your business must have experienced either limitations of commerce or a significant decline in revenue. The IRS expects 70% - 80% of small and medium businesses to qualify. If a business experienced disruptions to commerce, travel, or group meetings then they qualify! This includes supply chain disruptions, price increases, staffing shortages, difficulty hiring, reduced hours, reduction in goods or services offered, were unable to travel, or attend conventions.
Q My business was profitable or deemed essential, can I still qualify?
Absolutely! Both Essential and Non-essential businesses alike can qualify, and a decline in revenue is not required. Many IR clients had increases in sales, but still experienced disruptions or were negatively impacted.
Q How is the refund calculated?
Organizations may be eligible for up to $5,000 per quarter per employee for 2020 with a maximum of three quarters, and up to $7,000 per employee per quarter for 2021, also with a maximum of three quarters. Determining the proper amount that you're entitled to is a complex accounting process. That's why we've brought in the experts! GBC has partnered with Innovation Refunds' team of expert CPAs and Tax Attorneys to determine exactly how much money your business is eligible to receive.
Q What is the fee and when is it paid?
There are no up-front fees or obligations to receive a refund analysis. Once engaged to recover the refunds, a success fee of 25% is charged, with no hidden costs. Customers will never come out of pocket to pay the fee. It is only paid after the refund check from the U.S. Treasury Department is received.
Q How much time do I have?
Time is of the essence. As of today you can obtain these funds, but for how long remains uncertain. PPP, Restaurant Revitalization, and other funds ran out without notice. Don't delay; be sure to claim your spot in line and receive the funds rightfully owed to you.
Q Do I have to pay this money back?
It is a refund of payroll taxes. There are no limitations on how the funds are used.
Q How do I apply?
You can apply here. GBC has partnered with Innovation Refunds to assist small and medium-sized businesses attain cash incentives from federal and state governments.
Q How long before I recieve my refund?
IR will complete the paperwork within 30 days of receiving documents from the client. The refund checks from the U.S. Treasury will be received within 5-8 months depending on the backlog of the government.