Click Here to Learn About the Employee Retention Credit and How You May Quality.

Employee Retention Credit

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Get the Maximum Employee Retention Credit

You did right by your employees during the pandemic by keeping them on the payroll. Now, you can be compensated by applying for the Employee Retention Credit (ERC). This credit can have a huge impact on helping your business recover from the financial strains due to the COVID-19 pandemic. Don’t fall prey to firms that require a percentage of YOUR credit as payment for helping you through the process. Price Kong will look at all eligibility requirements and get you the maximum credit possible for a reasonable fee.

ERC Overview

The ERC is a refundable credit against payroll taxes for businesses that kept employees on the payroll during the pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included the ERC to encourage businesses to keep their workforce during the pandemic; however, certain restrictions limited the number of businesses that qualified. This was remedied by the Consolidated Appropriations Act (CAA) of 2021 and the American Rescue Plan (ARP) Act, which extended and expanded eligibility. Click HERE for more information on the ERC updates.

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ERC Eligibility

Private-sector essential and non-essential businesses and tax-exempt organizations in any industry that carried on a trade or business during the pandemic and either:

  • had operations that were fully or partially suspended due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19; or
  • experienced a significant decline in gross receipts during a given calendar quarter (refer to the “What You Need to Know” section below for further details)

Think You Don’t Qualify?

Think again. Unfortunately, many businesses have not kept up with recent changes and believe they are ineligible when, in fact, there is a high probability that they do qualify for the ERC. Even businesses deemed essential that remained open or others that experienced growth during the pandemic may qualify. Price Kong can help you through the process to ensure the maximum credit. And, we will do so for a reasonable fee based on the amount of work rather than requiring a percentage of the credit.

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Business Impacts that May Qualify for the ERC

  • Full or partial shutdowns
  • Interrupted operations
  • Supply chain interruptions
  • Inability to access equipment
  • Limited capacity to operate
  • Inability to work with your vendors
  • Reduction in services or goods offered to your customers
  • Limited hours of operation

What You Need to Know

  • Businesses that received PPP loans and forgiveness CAN claim the ERC
  • Churches, not-for-profit hospitals, museums, and other tax-exempt organizations are candidates for the ERC
  • Businesses that experienced a reduction in gross receipts of 50% or more for 2020 (20% or more for 2021) compared to the same quarter in 2019 are eligible
  • The credit rate per employee is 50% of qualified wages (70% in 2021) and the per-employee credit limit is $5,000 per year ($7,000 per quarter in 2021)
  • Employers with less than 100 employees (or less than 500 during 2021) can claim the credit on almost all employee wages during the period of eligibility
  • The ERC expires December 31, 2021; however, a pending bill, if passed, will move this date up three months to September 30, 2021
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