Economic Stimulus Signed into Law, Expanding CARES Act Employee Retention Credit to PPP Recipients
12/28/2020

The new relief package signed into law includes additional relief for businesses which enhances the CARES Act Employee Retention Credit up to $19,000/employee.

Online PR News – 28-December-2020 – Florence, SC – The President signed a $900 billion COVID-19 relief package into law that includes additional relief for businesses. Specifically, the new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC).

The ERC was previously unavailable as an option for relief to businesses that received Paycheck Protection Program (PPP) loans through the SBA. However, the new legislation explicitly provides a retroactive amendment to March 27,2020 and clarifies these businesses are eligible to receive the ERC—just not on wages paid with PPP loan funds. Other important changes to the ERC include: (1) a prospective credit increase from 50% of up to $10,000 of qualified wages annually to 70% $10,000 of qualified wages per quarter starting January 1, 2021; and (2) public universities and hospitals are now considered eligible employers.

Synergi Partners is prepared to assist in determining eligibility, calculating, and monetizing the ERC. Synergi Partners has an experienced team which has developed a proprietary methodology, proven to be efficient and maximize your credits!

For more information on how to take advantage of these valuable tax credits, please contact Synergi Partners at 843-519-0808 or info@synergipartners.com

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