What’s the stimulus process look like?

Step 1

Start with our calculator to see how much federal stimulus money your business qualifies for

Step 2

 

Determine eligibility and collect your documents

Determine Eligibility

Did your sales drop by 50% in 2020? 20% in 2021? Were you forced to shut down or modify operations? If yes to any, you likely are eligible.

Determine your eligible periods

This depends on when you received the PPP and how long you used it for. It also depends on your sales, when they dropped, and rebounded, what time periods you were actually closed as a result of covid, and when your business returned to “normal” sales levels.

Determine your average FTE

This calculation is different from the PPP, and looks at the average number of employees over the entire period you are claiming your credits. There are different rules for different sized companies. 

Determine your qualified wages

This depends on when you received the PPP and how long you used it for. It also depends on your sales, when they dropped, and rebounded, what time periods you were actually closed as a result of covid, and when your business returned to “normal” sales levels.

Determine your qualified benefits

Certain benefits like health insurance premiums paid are eligible for the tax credit.  

Account for nonrefundable credits

Based on your period, certain credits are provided in the form of non-refundable tax credits that reduce future required tax payments.

Step 3

Review with Brad your guaranteed results (1hr call)

Step 4

Deposit your payment for services into Escrow (after 1hr call)

Step 5

Mewes Group fills out all the appropriate forms and files for you (after you deposit your payment into escrow)

Elect the proper form

For prior periods, amended returns like the 941X have to be filed to claim the refund. In other cases form 7200 must be filed prior to the end of the quarter.

Step 6

Get Paid! (up to 60 days after submission based on IRS processing times)

Receive your funds.

Approximately 4 to 6 weeks after filing your appropriate returns receive a check in the mail from the IRS for your refund amount.

Step 7

Release escrow funds to Mewes Group

Within 48hrs of your stimulus check receipt or 90 days after filing, whichever comes first, you will notify and release the funds to pay Mewes Group.

Read My Thoughts On The Latest Stimulus News

Employee Retention Tax Credit: What is it?

If you’re a business owner that is still recovering from COVID-19 related financial crisis, PPP Loans aren’t your only solution. See what your accountant might have missed.

As of 5-31-2021, the PPP is officially over, but there is still stimulus money if you know where to look

The crazy days of March and April 2020 seem like distant memories. So if you didn’t get the PPP, or didn’t qualify for PPP2, what are your options?

I filed a $119,000 tax refund for a client today. Here’s how I did it.

I filed a tax refund for Mike today. Mike owns an auto repair business with 7 employees and wasn’t certain that he qualified for any stimulus money. But he did! This was the highlight of my week. (does anyone have this Microsoft sweater?)

The SBA is out of Money – Now What?

So if you didn’t get the PPP, what other options do you have? Well, quite a few actually. Take a look.

PPP Tax Impact

How Do PPP Loans Affect Your Taxes? The year is almost over, and it’s past time to organize your taxes for 2020. Considering all the twists and turns this year held, your upcoming taxes will probably look different than ever before. If you took out a PPP loan that was...

How Do You Complete a PPP Loan Necessity Questionnaire?

Months after the PPP rolled out, the SBA published Form 3509, the PPP loan necessity questionnaire that applies to for-profit businesses, along with its non-profit counterpart. Learn how to fill it out.

Could You Owe Taxes Even Though You Took a Loss in 2020?

Some shops took losses this year, even after accepting PPP grants, and looking at our clients’ situations, we’re seeing that they may still owe taxes for 2020, find out if you do too!

Big News from the SBA

Big news from the SBA. You’re not going to beleive how much they’ve incrased their funding. In an announcement today…

New COVID Bill – Feb 9, 2021

Today the House Ways and Means Committee released nine legislative proposals to help deliver additional COVID relief. A few things identified in the bill are as follows: