Employee retention tax credit and the PPP/PPP2: Can you have both? (YES!)
Many business owners are wondering if they can take advantage of the employee retention tax credit even if they already got the PPP and PPP 2? It turns out you can!
Recently I had a client come to me who owns a restaurant in Oklahoma and his accountant told him he couldn’t get the employee retention tax credit because they already received the PPP and PPP 2 as well as the restaurant revitalization fund. Thankfully they reached out for a second opinion and gave us a chance to take them through our process.
The deeper we dive the more treasure we find!
So it begins! We started to take a deeper dive into their specific situation to see whether or not they were truly excluded from taking advantage of the employee retention tax credit. We dove deep into his:
- Qualifying periods
- Covered employees
- Uncovered employees
- Excluded employees
In the end, it turned out that his account was wrong! Completely understandable considering that most accountants are focused on keeping their clients within compliance but they’re not looking for additional opportunities.
Leverage our experience!
Now that we have done this for probably close to 150 clients we know the IRS guidelines very well. More importantly, we know how to interface between all the different aid provisions that are out there. In fact, we developed a process and leverage tools to ensure that we’re not double-dipping in the process. We want to make sure you are taking advantage of the most aid available without opening yourself up to an audit.
Experience the difference!
Our process is completely painless for customers, not to mention free. We would rather do all the work upfront and if we find additional aid for you awesome! Then we can talk about what it looks like to capture that aid.
If we go through that we can’t find anything it isn’t a big deal at all! We would rather take a little bit of risk upfront and get the chance to earn your business.
For a layman’s guide to the employee retention tax credit check out our roadmap below:
Have questions that aren’t answered in the article or video? Book time with Brad today by clicking here!