The lockdown has been particularly harsh on small businesses with no backup to last them through the long period of shutdown. Many businesses shut down and filed for insolvency and bankruptcy. Other businesses had to cut down their working hours or lay off a large section of workers, who survived 2021 mostly on the stimulus checks issued by the federal government.
The Employee Retention Tax Credit (ERTC) program end date was effectively changed to September 30, 2021, for most businesses, with the signing of the Infrastructure Investment and Jobs Act on November 15, 2021.
This refundable credit can be claimed by a business on qualified wages that include certain health insurance costs given to employees.
Qualified employers, including borrowers who received loans under the PPP, can claim the credit against 50% of the qualified wages up to a maximum of $10,000 per employee annually for wages paid out between March 13 to December 31.
The ERTC Was An Non-Refundable Stimulus Check Under The CARES Act
The grant was created under the CARES Act. But despite this extraordinary stimulus check for businesses, billions might go unclaimed.
This is where Right Designs Marketing steps in and helps businesses be in the running for and claim this grant stimulus check allotted by the federal government. Getting this stimulus check is an exhaustive process and most accountants would not want to get involved in the laborious process.
Most businesses can avail of the PPP and still qualify for the grant. There are no obligations or costs, and they are being helped along by RDM to ascertain if they qualify before they get charged for the full application submission.
Recipients can be sure they qualify for this stimulus check by going through several simple questions. The pre-qualification process does not involve any obligation or expense. The ERTC is under CARES act like the PPP. But there is no repayment for this stimulus check and no boundaries on the use of these funds.
