More Money For You? New Updates Regarding EIDL and Employee Retention Credit
The SBA EIDL program and employee retention credit just got A LOT better.
The SBA is increasing EIDL loan limits to $500,000… remember those nice 30 year notes with really low interest rates…
Right now there is nothing to do if you already applied they are supposed to reach out….
“Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.”
Even More Money For You?
The biggest changes with the new ARPA is the expansion of the employee retention credit which we will have for all of 2021. I attached a report here with more details, just submit your email address and we will send this right over:
Here is one of the most important paragraphs:
Employers who got a Payroll Protection Program (PPP) loan in 2020 can still claim the ERC. But, the same wages cannot be used both for seeking PPP loan forgiveness or satisfying conditions of other COVID-relief programs (such as the restaurant revitalization grants enacted as part of the ARPA) and in calculating the ERC.
This means we have to dance. A little Texas 2 step to take advantage of both…
This also means we need a GAME PLAN from your CPA.
This means you need to be talking to a CPA very soon.
You need to review your current facts and circumstances to determine what you are qualified for and if/how you can take advantage of both of these benefits. You should do this BEFORE filing your Quarterly Payroll Tax Report to avoid processing and delay in receiving your funds. You should do this because, this program will not last forever. It is set to expire at the end of this year. Therefore, right now is the time to take advantage of this.
First-Come, First Serve
You can schedule a ERC diagnostic meeting that will include:
- A review of your situation and recommendations on which program you are qualified for and how you can take advantage of both of them
- A game-plan on what and when you should file the required documents
- An offer to assist you in processing these claims to avoid delays in acceptance and receiving your funds.
ABOUT THE AUTHOR: Joe Gallegos has created tax strategies and operating systems for businesses that have saved taxes, increased cash flow, and profits. As the Managing Partner of Tax and Consulting for JAG + Argueta CPA Firm , Joe has taught hundreds of business owners his step-by-step strategies for creating their own success and obtaining more time and more profits. For more profit creating business tips, tactics and strategies, sign up up for our tips here.