ERC / Gov’t Programs Assistance

ERC / Gov’t Programs Assistance

Find your ERC / Gov't programs Assistance

ERC Filing

ERC (Employee Retention Tax Credit) filing is a process by which eligible employers can claim a refundable tax credit for wages paid to employees during the COVID-19 pandemic. The credit can be claimed on IRS Form 941, which is filed quarterly, or on Form 7200 for advance payment of the credit. Bizboost can assist in the process at a lower fee while providing top notch customer service and access.

ERC stands for Employee Retention Tax Credit.

ERC filing allows eligible businesses to claim a tax credit for retaining employees during specific periods of economic hardship.

Eligibility for ERC filing includes businesses that experienced significant revenue decline or full/partial suspension of operations due to COVID-19.

The maximum tax credit amount that can be claimed through ERC filing is $7,000 per employee per quarter.

ERC filing is applicable for wages paid between March 13, 2020, and December 31, 2021.

Businesses can calculate their ERC tax credit by determining the qualified wages and the eligible percentage based on revenue decline or suspension of operations.

Yes, ERC tax credits cannot be used for the same wages that were claimed under the Paycheck Protection Program (PPP) forgiveness.

Yes, businesses can amend their payroll tax returns to claim retroactive ERC tax credits for eligible periods.

Commercial loans may have prepayment penalties, which are fees imposed if the borrower pays off the loan before a specified period. It’s important to review the terms and conditions of the loan agreement to understand any potential penalties.

Businesses can find more information about ERC filing on the official IRS website or consult with a qualified tax professional for guidance specific to their situation.

ERC Fast-Track Funding 15 days

If you have already filed for your ERC, Bizboost offers two expedited Employee Retention Credit (ERC) funding Programs that can deposit your ERC credit to you in days instead of months. It does not matter who you filed through:

  1. ERC Receivable Buyout– Bizboost will purchase your ERC credit from you at a small discount and deposit the money to you within a week. This program is designed to provide immediate relief to employers who have experienced financial hardship due to the pandemic.
  1. ERC Receivable Loan – Bizboost will provide an Interest Only Loan to you against your ERC receivable and thereby deposit the money in your account within two weeks. These loans are secured by the anticipated ERC refund and are designed to provide immediate cash flow relief.

ERC Fast-Track Advance Funding is a program that allows eligible businesses to receive an advance payment of their anticipated Employee Retention Tax Credit (ERC) within 15 days.

Under the program, businesses can request an advance payment of their estimated ERC amount by submitting Form 7200 to the IRS.

Businesses eligible for the Employee Retention Tax Credit and expecting a credit larger than their payroll tax liabilities can apply for ERC Fast-Track Advance Funding.

The benefit of ERC Fast-Track Advance Funding is that eligible businesses can receive a portion of their anticipated tax credit in advance, providing them with immediate financial relief.

No, businesses can receive up to 70% of their estimated ERC amount through Fast-Track Advance Funding.

Businesses can estimate their ERC by calculating their qualified wages and eligible percentage based on revenue decline or suspension of operations.

Yes, businesses can apply for ERC Fast-Track Advance Funding after reducing their payroll tax deposits, typically within 15 days after the end of the quarter.

Generally, businesses are not required to repay the ERC Fast-Track Advance Funding if they meet the eligibility criteria and accurately report their ERC on their tax returns.

Yes, businesses can claim the remaining ERC amount on their employment tax return (Form 941) or can choose to reconcile it on their annual income tax return.

Businesses can find more information about ERC Fast-Track Advance Funding on the official IRS website or consult with a qualified tax professional for guidance specific to their situation.

ERC Receivable Loans

SBA Export Loans are designed to help small businesses expand into foreign markets. There are three types of SBA export loans, including Export Working Capital Loans, Export Express Loans, and International Trade Loans.

ERC Receivable Loans are financial products designed to provide businesses with immediate access to cash by using their anticipated Employee Retention Tax Credit (ERC) as collateral.

With ERC Receivable Loans, businesses can borrow funds based on the value of their expected ERC. The loan is secured by the future tax credit, which is repaid once the ERC is received from the government.

Businesses that qualify for the Employee Retention Tax Credit and have an anticipated credit larger than their tax liabilities may be eligible for ERC Receivable Loans.

The advantage of ERC Receivable Loans is that businesses can access funds quickly, providing immediate cash flow to support operations and address financial needs.

The loan amount for ERC Receivable Loans is typically a percentage of the expected tax credit, allowing businesses to access a portion of their anticipated ERC.

The specific terms and conditions of ERC Receivable Loans may vary, but generally, businesses can use the funds for various operational expenses, such as payroll, rent, utilities, and other eligible business costs.

The anticipated ERC serves as collateral for the loan, eliminating the need for additional collateral in most cases.

If the anticipated ERC is less than the loan amount, businesses may be responsible for repaying the difference to the lender based on the terms of the loan agreement.

Businesses can apply for ERC Receivable Loans through financial institutions or lenders that offer this type of financing. The application process typically involves providing documentation related to the ERC eligibility and anticipated credit amount.

Businesses can explore options for ERC Receivable Loans by contacting financial institutions, lenders, or consulting with a qualified finance professional who specializes in small business lending.

R&D Programs

R&D (Research and Development) programs are initiatives designed to incentivize businesses to invest in research and development activities. These programs may include tax credits, grants, or other forms of financial assistance to help businesses offset the costs associated with innovation and development.

R&D programs refer to initiatives or schemes that provide financial support or incentives to businesses engaged in research and development activities.

R&D programs are important for businesses as they encourage innovation, promote technological advancements, and provide financial assistance to offset the costs associated with research and development.

Eligibility for R&D programs varies by country and program. Generally, businesses involved in scientific research, technological development, or product innovation may be eligible.

The benefits of participating in R&D programs include access to funding or tax incentives, increased competitiveness, improved product or service offerings, and potential intellectual property protection.

R&D programs typically cover various expenses related to research and development, including employee salaries, equipment and materials, software, testing and prototyping costs, and certain overhead expenses.

Businesses can explore R&D programs by researching government agencies, industry-specific organizations, or consulting with business advisors who specialize in innovation funding and grants.

R&D programs can be available to a wide range of industries, including technology, manufacturing, pharmaceuticals, agriculture, and more. Eligibility often depends on the nature of the research and development activities being pursued.

The application process for R&D programs typically involves submitting a detailed proposal outlining the project objectives, methodology, expected outcomes, and the financial resources required.

In most cases, businesses participating in R&D programs are required to provide progress reports, financial statements, or other documentation to demonstrate the utilization of funds and project advancements.

Yes, businesses can participate in multiple R&D programs simultaneously, as long as they meet the eligibility criteria and comply with the program guidelines and reporting requirements.

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Frequently Asked Questions

The Employee Retention Credit is a refundable tax credit provided by the U.S. government to eligible employers who have experienced significant financial hardship due to the COVID-19 pandemic. It is designed to encourage employers to retain and pay their employees during this challenging time.
Eligible employers include businesses, including tax-exempt organizations, that either fully or partially suspended their operations due to government orders related to COVID-19 or experienced a significant decline in gross receipts. There are specific criteria and calculations to determine eligibility, so it is recommended to consult with a tax professional or refer to IRS guidelines for detailed information.
For eligible employers, the credit is equal to a percentage of qualified wages paid to each employee, including certain health care costs. The percentage and maximum amount of wages eligible for the credit vary depending on the specific time period and the size of the employer. The maximum credit per employee is generally capped at a certain amount per quarter.
Originally, employers were not allowed to claim both the Employee Retention Credit and the PPP loan. However, legislation has been enacted to allow eligible employers to claim the credit even if they have received a PPP loan. However, there are specific restrictions and limitations, so it is advisable to consult with a tax professional to understand the specific rules and requirements.

Yes, there are several limitations on the credit. Some key limitations include:

  • The credit cannot be claimed on wages that were used to claim other tax credits, such as the Work Opportunity Tax Credit or certain paid leave credits.
  •  Wages paid using forgiven PPP loan proceeds are not eligible for the credit.
  • There are certain limitations based on the size of the employer, such as the number of full-time employees.
Employers can claim the credit by reporting it on their federal employment tax return, such as Form 941, Employer’s Quarterly Federal Tax Return. It is important to accurately calculate and document the eligible wages and supporting documentation to substantiate the claim. The IRS has specific instructions and forms available for employers to report and claim the credit.
Initially, the ERC was only available for specific quarters in 2020 and 2021. However, legislation has extended the availability of the credit for certain employers through 2021 and 2022. The specific eligibility and time periods may vary, so it is crucial to review the most up-to-date IRS guidelines or consult with a tax professional for accurate information.
Yes, employers can claim the credit for wages paid to employees who are working remotely. The credit is not limited to employees who are physically present at the workplace. However, the eligibility criteria and calculations still apply, and documentation must be maintained to support the claim.
No, the Employee Retention Credit is not considered taxable income. It is a refundable tax credit designed to offset the employer’s payroll tax liability.

For detailed information, it is recommended to refer to the official IRS guidance on the Employee Retention Credit, including publications, notices, and forms. Additionally, consulting with a tax professional or accountant who is familiar with the specific requirements and recent developments. BOOK AND ADVISORY CALL WITH US NOW 

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