You May Be Eligible For Up To A $26,000 Tax Refund
Per Employee *
* Your Company Is Eligible For The ERTC Tax Refund If:
- You were ordered to partially or fully shut down during 2020 or 2021 OR
- Your business suffered a significant decrease in sales during 2020 or 2021
The IRS will send you a check because you paid your employees
How Much Can I Receive?
Year 2020- Up To $5,000
Refund Per Employee
Year 2021- Up To $21,000
Refund Per Employee
Great lakes Funding Center is the fastest processor of ERTC refunds, averaging 5-7 days from receipt of your documents to submission to the IRS.
Frequently Asked Questions
Why am I just hearing about the Employee Retention Tax Credit?
During the Covid outbreak accountants have been bombarded with new tax laws and regulations. The CARES act of December 2020 greatly expanded those businesses who qualify for the ERTC and made millions of dollars available to a huge percent of the business population effected by the virus.
Is this a loan? Do I have to pay it back?
No, this is not a loan. It is a tax credit refund that you keep.
Will this affect my PPP Loan forgiveness?
No, if your business received a PPP loan the PPP Loan amount is deducted from the ERTC calculations and will be kept separate as required.
How is the ERTC calculated retroactively for 2020?
We will calculate your credit based upon gross wages paid during your shut down/lost revenue times. The PPP Loan amount is deducted from your qualifying wages. The remaining wages are then capped out at $10,000 per employee. The credited amount is divided in half, making the refund amount a maximum of $5,000 per employee for 2020.
How is the ERTC calculated for 2021?
We will calculate your credit based upon gross wages paid during your shut down/lost revenue times. The PPP Loan amount is deducted from your qualifying wages. The remaining wages are then capped out at $10,000 per employee. The credited amount is multiplied by 70% making the refund amount a maximum of $21,000 in 2021.
How will I receive the refund?
Once we submit the required paperwork you will receive the refund via check from the IRS.
When can I expect to receive the refund?
The current wait time is a few months.
How do I get my money?
We gather the information we need from you and file all the proper paperwork in order for you to apply for your credit. Once the paperwork is filed you will be in line to receive an actual paper check from the IRS.
Is this legitimate legislation?
Yes. The copy of the IRS FAQs can be found here. (https://www.irs.gov/coronavirus/employee-retention-credit)
What is the time frame for this legislation?
The legislation covers the years 2020 and 2021.
Why am I getting this tax credit refund?
This is a government refund/reward for keeping your employees on payroll during COVID down time (full/partial shutdown or lost revenue)