Welcome to JJ SAVINGS LLC.
Welcome to JJ SAVINGS LLC.
Cost Reduction Consulting Firm
Employee Retention Credit (ERC)
The Employee retention Credit (ERC) allows eligible employers to take a payroll tax credit for retaining employees during a crisis. Eligible employers can claim a credit against 50 percent of wages paid per quarter, up to $10,000 of qualified wages per employee annually paid between March 13, 2020 and December 31, 2020. The ERC was extended from January 1, 2021, to September 30, 2021, through the COVID-19 Relief Package, signed into law in December. Eligible employers can claim a credit against 70% of wages paid per quarter, up to $10,000 of qualified wages per employee. The maximum credit allowance is $21,000 per employee for 2021.
“The ERC has been a godsend for a great many small businesses that would not have survived, or even now be surviving without it”
“Small and midsize businesses can get cash directly from the federal government through the Employee Retention Credit (ERC)”.
We Make It Simple
Just 3 easy steps to claim your credit
Step 1
Submit your application! It’s quick and easy. Schedule your FREE, no-obligation consultation now.
Step 2
Provide documentation for our tax experts to submit your ERC claim for your refund.
Step 3
Receive a US Treasury Check for up to $26,000/employee. You can spend your refund however you choose.
Our Professionals Will Help Make Sense Of It All.
Our dedicated experts will guide you and outline the steps you need to take so you can maximize the claim for your business.
- How does the PPP loan factor into the ERC?
- What are the differences between the 2020 and 2021 programs and how does it apply to your business?
- What are aggregation rules for larger, multi-state employers, and how do I interpret multiple states’ executive orders?
- How do part-time, Union, and tipped employees affect the amount of my refunds?
Frequently Asked Question (FAQs)
The program began on March 13th, 2020 and continues to September 30th, 2021 for eligible employers.
You can apply for refunds for 2020 and 2021 after December 31st of this year, into 2022 and 2023. And potentially beyond then too.
We have clients who received refunds only, and others that, in addition to refunds, also qualified to continue receiving ERC in every payroll they process through September 30, 2021, at about 30% of their payroll cost.
We have clients who have received refunds from $100,000 to $6 million.
Yes. Under the Consolidated Appropriations Act, businesses can now qualify for the ERC even if they already received a PPP loan. Note, though, that the ERC will only apply to wages not used for the PPP.
Your business qualifies for the ERC, if it falls under one of the following:
-A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
-Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
Yes. To qualify, your business must meet either one of the following criteria:
- Experienced a decline in gross receipts by 20%, or
- Had to change business operations due to government orders
Many items are considered as changes in business operations, including shifts in job roles and the purchase of extra protective equipment.
