ERTC Eligibility & Maximum Claim Amounts 2022 | Top Tax Credit CPA Specialists

Jun 28, 2022

Did you know you can claim ERTC rebates even if you’ve already received PPP loans? Find out how, and how much you can claim, with a little help from Riverline Tax Solutions.

ERTC Eligibility & Maximum Claim Amounts 2022 | Top Tax Credit CPA Specialists

One of the most common misconceptions about pandemic relief programs – is that it’s too late to make a claim in 2022.

If you run a small or medium-sized business and haven’t claimed your ERTC rebate yet, you still have time.

In 2020, the federal government passed the CARES Act, creating pandemic relief programs that have now ended, except for the Employee Retention Tax Credit (ERTC) program. Riverline Tax Solutions has a professional rebate service that can help you to take advantage of this remaining relief fund, allowing you to claim up to $26,000 per W-2 employee in rebates.

Visit https://riverlinetax.com to talk to a tax credit professional, and find out how much you can claim.

While other pandemic relief programs, such as the popular Paycheck Protection Program (PPP) offered you loans, the ERTC provides you with a refund on your taxes, which never needs to be repaid. The professional rebate service from Riverline Tax Solutions can help you to claim your rebates, even if you have already received a loan through the PPP.

When the pandemic relief programs were first created in 2020, this would not have been possible, and you could claim either PPP loans, or ERTC rebates, but not both. When the Consolidated Appropriations Act was passed later that year, it allowed employers to receive funds through both programs.

For 2020, you can claim up to $5,000 per employee, or 50% of the first $10,000 of qualifying wages. The amount was increased in 2021, allowing you to claim up to 70% of the first $10,000 in qualifying wages, or $7,000 per employee, per quarter. Throughout the duration of the ERTC, which ended in September 2021, you may be eligible for up to $26,000 per employee.

The program provides rebates to corporations and non-profit organizations, as long as they meet the ERTC requirements. To qualify, your business must have closed or suspended operations because of government orders, such as a lockdown, or suffered financial losses because of the pandemic. To determine if your company is eligible, and how to maximize its rebate, experts suggest consulting a qualified CPA or tax professional.

New businesses can also claim pandemic relief funds through the ERTC program, though they have a different set of requirements. To qualify as a Recovery Startup Business, your company must have begun business after February 25th, 2020, have at least one employee who is not a family member or 50% owner, and have gross receipts of less than $1 million.

The ERTC program has gone through a lot of amendments, making it a little more difficult to navigate, but it’s still an excellent source of pandemic relief funds.

All you have to do is make a claim, and the IRS will send you a check in the mail.

Visit https://riverlinetax.com to find out if you’re eligible, and claim your refund.

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