The newly launched guide is available through ERC Frame’s website and includes the latest Employee Retention Tax Credit (ERTC) news, an employer’s frequently asked questions sections, and detailed instructions on submitting a claim for the grant. Restaurant owners can also opt to process their submissions through the site.
More information is available at https://ercframe.com
More than 2.5 million restaurant industry jobs were lost as a result of the pandemic, with Californian food-service businesses forced to make creative, and often costly, adaptations in order to survive. The government has set aside billions to help American restaurant owners recoup some of their losses, explains ERC Frame, but many are unsure if they qualify or even how to make their application.
The statute of limitations for filing amended payroll tax returns is set at just three years from the due date, therefore time is running out for restaurant owners to claim their tax credits for keeping their workers employed throughout the pandemic.
Available for 2020 and three financial quarters of 2021, the ERTC is designed to benefit those, like restaurant owners, whose industries suffered the most during the pandemic. Established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the ERTC offers businesses that experienced a full or partial shutdown, saw a decline in revenue, or brought about a change in operations in response to the pandemic the opportunity to qualify for a government-backed stimulus program.
Further details can be found at https://ercframe.com/blog/20202021-employee-retention-tax-credit-eligibility-guide–2022-application-deadline-update/
Previously, these employers were required to choose between the Payroll Protection Program (PPP) loans or claiming ERTC credits. Recent changes in regulations, however, mean that restaurant owners can now apply for both options, explains ERC Frame. These changes are applied retrospectively, meaning many more Californian employers can now qualify for up to $26,000 per employee, even if they have already received PPP.
Interested parties can find more details on the ERTC 2023 application process and approaching claim deadlines at https://ercframe.com/how-to-unlock-massive-tax-refunds-and-supercharge-your-business-growth/
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