Most business owners likely can’t include their wages for the ERC. Family members’ wages are generally excluded as well.
Any person who is related to the owner in the following manner wouldn’t have wages that qualify for the ERC. This includes children and their descendants, siblings, parents (natural or adopted), nieces and nephews, aunts or uncles, in-laws, and individuals that reside in the same household as the company’s owner.
The same guidelines apply to individuals mentioned above related to someone who owns 50% or more of the stock of a corporation or 50% of capital and profits interests of a entity that is not a corporation.
Any wages earned by self-employed individuals are also not considered qualified wages.
While these qualified wages exclusions for company owners and family may seem confusing, but GetMyFunds has you covered! Get My Funds has helped over a thousand companies receive over $300 million in pandemic-related funding by leveraging our expertise to optimize the process and maximize funding.
Our team of funding specialists, supported by our CPA partners who specialize in ERC, can walk you through the process.
We invite you to apply—we help eligible clients receive their refundable tax credit. Find out if you qualify before the deadline.
You can receive up to $26,000 per W2 employee based on eligibility criteria and wage calculations during 2020 and 2021.
Unsure if your company qualifies for an ERC? Almost all with W2 employees during 2020 and 2021 are entitled.
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.
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 qualified wages, as defined by the IRS, are those that were paid to employees after March 12, 2020, and before January 1, 2022.
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.
Your company can still qualify for ERC if you have qualifying earnings that were not included as payroll expenditures when you applied for PPP.
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.
No. ERC is not a loan, it’s a refundable tax credit that you get to keep.
Most business owners likely can’t include their wages for the ERC. Family members’ wages are generally excluded as well.
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 ProgramThere’s no commitment, pressure, or obligation.
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