What is the Employee Retention Credit?
The Employee Retention Credit (“ERC”) under the CARES Act, is a relief measure for businesses which encourages them to keep employees on their payroll. It is a refundable credit that offsets employment taxes and qualified businesses are eligible to receive up to $26,000 per employee.
Who is LG Resources
Smartwaiver has partnered with LG Resources, a 200+ person firm specializing in consulting, HR and staffing with over 15 years of experience. They are the experts in helping businesses take advantage of the ERC. So far, they've helped secure over $1.3 billion for businesses around the country. One of their most recent clients, with 7 employees, just received $170k!
How Does it Work?
If your business was fully or partially suspended by government orders or experienced a reduction in year-over-year gross recipients of 50% in 2020 or 20% in 2022, you may qualify.
Even if you’ve received a PPP loan, you may still be eligible.
The process to secure this payroll tax credit is simple.
- Schedule a complimentary consultation with LG Resources to see if you qualify.
- LG will determine your eligibility based on the IRS guidelines to claim the credit and will calculate the proposed credit that you receive.
- LG will file an amended 941X to help you claim the ERC from 2020 and 2021.
Case Studies
Case Study #1:
A gym took both rounds of PPL loans and still qualified for ERC due to a shutdown in 2020 and 2 quarters in 2021.
- 15 Full-time Employees
- ERC Claim = $165,000
Case Study #2:
A gym took both rounds of PPL loans while shut down in 2020 and 1 quarter in 2021.
- 11 Full-time Employees
- ERC Claim = $83,000