Accelerate America Blog

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, aiming to provide financial relief to individuals, businesses, and industries affected by the COVID-19 pandemic. This comprehensive guide will walk you through the various relief programs offered under the CARES Act, their benefits, eligibility requirements, application processes, and much more. Dive in to explore how the CARES Act can help you and your business navigate these uncertain times. Overview of CARES Act Relief Programs The COVID-19 pandemic has had a significant impact on individuals, small businesses, and industries across the United States. In response, the government introduced several relief programs under the CARES Act to provide financial support and alleviate some of the economic challenges faced by Americans. The Paycheck Protection Program (PPP) is one of the most well-known relief programs introduced under the CARES Act. The PPP is designed to provide small busine...

The Employee Retention Credit (ERC) is a valuable relief measure provided by the United States government to help struggling businesses keep their employees on payroll throughout the pandemic. It's essential to understand this credit's ins and outs to make the most of it. This guide will cover the basics of the ERC and discuss the requirements, documentation, and methods for maximizing this valuable credit. We'll also dive into the eligibility criteria, how to calculate the amount, benefits, and tax implications of claiming the ERC. What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit designed for employers to encourage businesses to retain their employees during the COVID-19 crisis. Rather than laying off staff or cutting payroll, eligible employers receive a credit on their federal employment tax return, reducing the burden of keeping employees on the payroll. Businesses that were forced to shut down or experienced a signif...

The Employee Retention Credit (ERC) is a valuable tax credit aimed at helping businesses impacted by COVID-19. Hiring a Certified Public Accountant (CPA) or an attorney to file your ERC application can be crucial in ensuring that your business receives the maximum credit. Before choosing a professional to assist you, it's important to ask the right questions. In this article, we will discuss some key questions that you should ask a CPA or attorney before hiring them to help with your ERC application. Is the CPA or Attorney Experienced in Filing ERC Applications? The Employee Retention Credit (ERC) is a valuable tax credit that can provide significant financial relief to businesses impacted by the COVID-19 pandemic. However, navigating the complex rules and requirements of the ERC can be challenging, which is why it's essential to work with a knowledgeable and experienced CPA or attorney. When considering a professional to help you file your ERC application, there are several ke...

The Employee Retention Tax Credit (ERTC) has become a valuable tool for businesses to mitigate the financial impact of COVID-19. The program provides eligible employers with a tax credit that aims to help retain employees and maintain business continuity. This article will discuss the qualifications, benefits, and opportunities surrounding the ERTC, providing a comprehensive look at how businesses can take advantage of this valuable tax relief option. Understand the Qualifications for the Employee Retention Tax Credit The Employee Retention Tax Credit (ERTC) is a tax credit designed to support businesses that have experienced significant disruptions as a result of government restrictions or a substantial decline in revenue due to the COVID-19 pandemic. The ERTC is a valuable benefit that businesses can take advantage of, but it's important to understand the qualifications for this tax credit to ensure that your business is eligible. Businesses that are considering taking advantage ...

The Employee Retention Tax Credit (ERTC) has become a valuable tool for businesses to mitigate the financial impact of COVID-19. The program provides eligible employers with a tax credit that aims to help retain employees and maintain business continuity. This article will discuss the qualifications, benefits, and opportunities surrounding the ERTC, providing a comprehensive look at how businesses can take advantage of this valuable tax relief option. Understand the Qualifications for the Employee Retention Tax Credit The Employee Retention Tax Credit (ERTC) is a tax credit designed to support businesses that have experienced significant disruptions as a result of government restrictions or a substantial decline in revenue due to the COVID-19 pandemic. The ERTC is a valuable benefit that businesses can take advantage of, but it's important to understand the qualifications for this tax credit to ensure that your business is eligible. Businesses that are considering taking advantage ...

The Employee Retention Credit (ERC) is a valuable tax benefit aimed at helping employers keep employees on their payrolls during financially challenging times. As we move into 2023, it's essential for eligible employers to understand how to claim the credit effectively. In this guide, we'll break down the important aspects of the Employee Retention Credit, from understanding the qualification requirements to claiming the credit on your quarterly tax returns. Overview of the Employee Retention Credit The Employee Retention Credit is a valuable tool for businesses looking to retain their employees during times of economic hardship. Introduced in response to the COVID-19 pandemic, this refundable tax credit can provide financial relief to businesses that continue to pay their employees despite widespread closures and disruptions to the economy. One of the key benefits of the Employee Retention Credit is that it is calculated based on a percentage of the employee's qualified w...

With the global pandemic causing significant economic disruptions, governments around the world have enacted various relief programs to assist businesses in these challenging times. Two of the most widely-discussed programs in the United States are the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP) loans. This article aims to provide a comprehensive analysis of the distinguishing aspects between these two programs, comparing their benefits, analyzing their impact on businesses, and highlighting risks associated with each. Understanding the Key Differences between ERC and PPP Loans The primary differences between ERC and PPP loans lie in their overall purpose and mechanics. The ERC is a refundable tax credit designed to encourage businesses to keep employees on the payroll. This tax credit is available to businesses that have experienced a significant decline in revenue due to the COVID-19 pandemic. The credit is calculated based on a percentage of wages paid...