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perhaps you are wondering if nonprofits actually qualify for erc the quick short answer is in most cases yes on this video i'm going to go into some erc as well as how to determine eligibility and how to calculate the erc amount but first i'm going to share with you a simple three-step process to actually apply for the erc hello i'm walter bell the national accounts manager with above and beyond funding we in our partner cpa firm specialize in helping small businesses take advantage of a little known provision of the cares act called the employee retention credit also known as the employee retention tax credit or ertc we have greatly simplified the process for businesses wanting to apply for the ertc with a three-step process it all starts with downloading our free ertc guide at .getrt then after that you'll be guided to fill in a simple tinfield questionnaire which takes no more than five minutes to complete to get you qualified and lastly we will further guide you online to uploading the appropriate documents on our secure online portal so that our cpa firm can calculate your maximum ertc claim and get the ball rolling to getting you your refund check as quick as possible it really is that simple now in this video what i want to do for you is to proceed uh first of all with making clear about some misconceptions that are out there about the ertc program i want to clear those up first and also i want to go over the basics of eligibility and lastly i i want to go over how the ertc is actually calculated so right now let's go ahead and clear up some misconceptions that are circulating out there among business owners regarding eligibility for the employee retention credit program a lot of cp even cpas are still under the impression that if you had participated in ppp you're not eligible for the employee retention credit in fact if you call your cpa about the program many of them will say you're not eligible simply because they have not reviewed the very latest updates on eligibility so many business owners therefore at this time think they can't participate in the program simply because of that information among cpas but the reality is that most businesses as long as you meet these two criteria number one you have to have less than 500 w-2 employees and the second thing is that your business should not be considered an essential business okay and what do we mean by that uh when cobit hit in 2020 many partial and full shutdown mandates were enacted on state levels and businesses that were deemed necessary were still able to operate and a lot of them actually thrived as well essential business we're talking about businesses that you need for society to function such as supermarkets pharmacies as such you know the post office uh businesses that were needed to have a functioning society those are essential businesses if you're not one of those then most likely you qualify for the ertc so as a foundation for eligibility you simply have to be a non-essential business and you must have less than 500 w-2 employees on payroll with that in place there are three ways essentially that you can actually fully qualify for the ertc uh the first way is that you either had to have been forced to shut down or operate at a reduced capacity so let's say for example if you were a diner or a restaurant there were limitations on your occupancy for example let's say your state was mandating that you can only operate at a 50 capacity within the dining area or you had to do takeout only or any other type of state imposed restrictions or limitations due to the pandemic anything like that is going to qualify you for your ertc okay and the second way that you can qualify for the ertc has to do with loss revenue uh per quarter and by showing a loss when you compare quarterly revenue from 2019 versus revenue earned in 2020 and also revenue earned in 2021 that's going to qualify and the way that works is uh that if your revenue decreased by at least 50 percent in 2020 compared to the same quarters in 2019 that's going to qualify you and for 2021 it was made even easier to qualify with businesses only needing to show a 20 decrease over 2019 earnings so comparing 2021 to 2019 only a 20 decrease and quarterly revenue earnings need to be shown and the last way that you can qualify for the ertc is simply to show that your business has been negatively impacted by supply chain issues transporting goods worldwide there were a lot of bottlenecks uh by uh in the industry uh to get the goods and products and services uh to where they were needed by businesses in the u.s and if that impacted you then that is going to be a qualifier for the getting ertc okay okay let's talk a little bit further about the employee retention tax credit in terms of what it can be used for any restrictions if any and how it can be calculated first of all most of you know it was funded by the cares act it was originally created to encourage businesses to keep employees on the payroll as they navigate the unprecedented effects of covet 19. it's it's really designed to be a reward and a thank you from the federal government to employers for keeping americans employed now there are no restrictions absolutely no repayment is required as was involved with getting the ppp loan because this is not a loan and while the ertc was created in the cares act along with the ppp loans it's not a loan there's no repayment there are no restrictions for what the recipients of the credit must use the funds for if you want to go on a vacation hey have at it you don't have to give any type of accounting of what you use the funds for after you've received if you want to use it to expand your business pay for your child's education put a down payment on a new home hey that's totally up to you the government does not care how you use the funds now how much can you get up to 26 000 per w-2 employee and that includes full-time and part-time employees in your business how is it calculated well the 2020 erc program is a refundable tax credit of fifty percent of up to ten thousand dollars in wages paid per employee from march 12 2020 to december 31st of 2020 by eligible employee that means there's a potential of up to five thousand dollars per employee then that's for the entire year of 2020 okay now for 2021 it gets much better in several different ways uh the first way it gets better it increases to 70 of up to 10 000 in wages in other words up to thousand dollars in wages that were paid to the employee not for the entire year but it's better it's fourth each quarter three-quarters quarter one two and three okay so that's seven thousand dollars for each quarter you can be paid for paying your employees that's the potential of up to twenty one thousand dollars per employee and if you were a startup business for that year no worries the government has you covered startups are eligible for up to 33 000 that's a chunk of change okay now there's this is free to get qualified there's no obligation no pre-qualification costs let our team go ahead and determine if you qualify you don't have to go through these uh difficult uh mind-boggling calculations and or have even a cpa go through this we'll get it done for you uh let us do it for you at above and beyond funding when you go to our website at getertchhealth.net and get the process started uh our goal is not to take more than a few days first of all uh actually within 24 hours you're going to know whether you're eligible and then it'll take a few another few days to actually get your your actual maximum ertc calculation done determining what you're actually eligible for and we'll go over all of that on our website when you go to our website we're going to go through what you need to do the three steps remember you simply go to the website you fill in uh the your first name and email address to get the download of our pdf guide and also we're going to go ahead and direct you to a five minute questionnaire that's going to allow us to determine your qualifications if you're qualified and then beyond that we're going to go ahead if you like to go further in the process and get a cpa from our firm to go ahead and calculate your exact ertc uh maximum credit we'll even go through that uh before you go do that for you and we explain that process and what's required we'll need additional documentation that you upload to us through our secure online portal we'll go over that with you but it all starts at get ertchelp.net go to that website right now right away and you click uh the the download button to get your your guide and that starts the entire process thank you so much this is walter bell with above and beyond funding looking forward to provide you service [Music] [Music] [Music] you