ERC or Employment Retention Credit is a federal government program under the CARES Act implemented in March 2020. This actually is a reward program to encourage employers to retain their employees on the payroll during the COVID crisis. Through this program, the government will provide you with up to 70% of the total payroll of your company.
However, there are some criteria to qualify for an ERC claim. In the beginning, qualifying for ERC was a tedious job due to strict eligibility criteria. But these criteria are now relaxed by the government to provide more opportunities for businesses to claim for ERC. Still, you can be confused about whether you are qualified for ERC or not. Therefore, it would be better to consult Employee Retention Credit specialists like Sunrise Business Solutions to check whether you can apply for ERC.
Here are some reasons you should need an employee retention credit specialist.
- To check your eligibility
Employee retention credit specialists are well versed in the corporate laws and regulations of the country. This enables them to determine if you can claim ERC or not. Moreover, they have a huge database of companies that have applied for ERC through them. Consequently, this database provides them a chance to check your eligibility more effectively and efficiently.
- To do proper paperwork
Like any other government program, claiming for ERC also comprise a lot of paperwork. You need to fill out government forms, submit those forms, and then wait for the approval. However, if you apply for ERC through professionals like ERC specialists, then they will take care of all the paperwork for you. This would mean less time was spent on submitting paperwork.
- To not miss any deadlines
Due to the rules and regulations, there are many deadlines that you need to meet. If you miss these deadlines, then you have no chance of getting ERC. So, an ERC specialist can be really helpful in this situation by taking care of all the deadlines for you. Thus, they can also help in saving your money as well as time.
- To get maximum benefits
In the government’s ERC program, the total benefits are less than 70% of your payroll. Therefore, if you are going to claim for ERC, you must consider hiring an ERC specialist to get more benefits. Some companies have taken the risk of applying for ERC through the company themselves. However, this turned out to be a wrong move because they did not know how much they will actually get in total.