How Does the Employee Retention Tax Credit Work?

The Program Basics

The Employee Retention Credit (ERC) allows businesses to receive a refundable tax credit for retaining employees during the COVID-19 pandemic. Since this is not a loan or lending program, employers do not have to pay it back.

The refunds are issued by the U.S. Treasury, and the IRS writes you a check. All eligible small businesses and mid-size companies will receive their refundable tax credit as long as they file their claim within the deadline.

What Can the Employee Retention Credit Do for You?

There’s no question that adding more money to your bottom line is good for your business. Once you file your ERC claim, you’ll receive a check from the IRS in approximately four to six months. 

To make the most of your refund, we recommend you let our trained experts maximize your claim so you’ll benefit from our nuanced understanding of complex rules and tax codes. Schedule a meeting with our Funding Specialists today.

ERC at a Glance

How Much Can I Get?

You can receive up to $26,000 per W2 employee based on eligibility criteria and wage calculations during 2020 and 2021.

Does My Business Qualify?

Unsure if your company qualifies for an ERC? Almost all with W2 employees during 2020 and 2021 are entitled.

How Do I Apply For ERC?

The best way to claim the credit is to work with GetMyFunds Funding Specialists and CPAs who know how to handle the complexities and your unique situation.

How Does It Work?

The Employee Retention Credit (ERC) allows businesses to receive a refundable tax credit for retaining employees during the COVID-19 pandemic. Since this is not a loan or lending program, employers do not have to pay it back.

What Are ERC Qualified Wages?

The qualified wages, as defined by the IRS, are those that were paid to employees after March 12, 2020, and before January 1, 2022.

What’s the Deadline?

The first one is April 15, 2024, which is the last date you can apply for all quarters in 2020. The second is April 15, 2025, which is the deadline for all quarters in 2021.

What If I Already Collected PPP?

Your company can still qualify for ERC if you have qualifying earnings that were not included as payroll expenditures when you applied for PPP.

When Will I Get My Check?

Once you have gone through the process and we have filed your ERC claim, you should receive a refund check from the U.S. Treasury within approximately four to six months.

Do I Have to Pay It Back?

No. ERC is not a loan, it’s a refundable tax credit that you get to keep.

Are there Qualified Wages Exclusions for Company Owners and Family?

Most business owners likely can’t include their wages for the ERC. Family members’ wages are generally excluded as well.

Know a Business
That Could Use ERC Help?

We are now accepting introductions to business that may qualify for ERC. We do the heavy lifting, and you collect a referral fee. Our average ERC funding per company is $300,000, and your average referral fee per client is $4,500. Several of our referral partners will earn over six figures.

Referral Program

We do the heavy lifting.
You get your ERC funds faster.

There’s no commitment, pressure, or obligation.