When the CARES Act was passed in 2020, the economic stimulus bill encompassed several pandemic relief programs, including the Employee Retention Tax Credit (ERTC) that provides an incentive for small businesses to keep their staff on the payroll. Though the program concluded in 2021, employers in Texas can still claim their tax credits using a new fast application process now available from Ampifire.
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The recently announced service allows businesses in the state to claim their tax rebates for 2020 and 2021, with a time commitment of 15 minutes or less. This program is only provided by a single firm of ERTC specialist CPAs that have partnered with Ampifire.
The 15 Minute Refund program guarantees every employer their maximum allowable rebate, which could be up to $26,000 per W-2 employee. Companies that have already received a loan through the Paycheck Protection Program (PPP) are also eligible. Unlike the PPP, ERTC rebates are not a loan and have no restrictions on how they can be spent.
Since the ERTC program was first created, there have been several changes to the incentive mechanism, including an increase to the maximum rebate per employee, an extension to the length of the program, and an expansion of eligibility criteria. For instance, non-profit organizations, startups, and businesses with up to 500 full-time staff on average now qualify for rebates as well.
To be eligible, a Texas business must have suffered significant financial losses during the pandemic or had to close temporarily in line with government orders, such as a lockdown. In many cases, businesses that had to operate at a reduced capacity can also qualify for rebates.
Businesses that were founded during the pandemic, after February 15, 2020, may qualify as a Recovery Startup Business. These companies could be eligible for as much as $100,000 in rebates. To qualify, they must have less than $1 million in gross receipts, and at least one employee who is not a family member or 50% owner.
To determine a company’s eligibility, Ampifire has featured a no-cost, no-obligation assessment form on its website that includes 10 simple questions. It requires no proprietary business information and can be completed in approximately one minute.
For more information about the ERTC eligibility test or the 15 Minute Refund program, please visit https://fountainpr.com/wordpress
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