By Melissa Lagowski
Big Buzz Idea Group
I was at a networking event and chatting with someone about post-COVID challenges, and he suggested that I should look into the Employee Retention Tax Credit (ERTC). He gave me the name and number for an agency that had helped his large company receive hundreds of thousands of dollars back from the CARES Act.
The next day, I called that company and learned they wanted to charge me a $10,000 fee just for a review. If I qualified for the program, they would charge a large fee per employee. My heart sank. Even if I was due money from the government, I couldn’t afford the $10,000 IF there was a chance that I might NOT qualify and make back the fee, so I didn’t apply.
Shortly thereafter, I remembered a local contact who specialized in PPP when it was at its height, and so I reached out to see if they were doing the ERTC, too. Low and behold, they were. For $99, they would conduct a review to see if our firm qualified. If we qualified, they would complete the paperwork for us to receive the ERTC for a few hundred dollars per quarter (not per employee).
For less than $3,000, Reconciled Solutions completed the full program for me. Then, I went back to my payroll company who completed the revised payroll tax returns at no additional cost, and I received enough money back from the IRS to cover the cost of a full-time employee.
This same funding is available to nonprofits and associations who have W-2 employees. If your organization qualifies (and most of you do), you can receive up to $26,000 per employee back for your organization. I encourage you to read additional information about the program below, or you can join us for this month’s Big Buzz Breakfast Club to learn more about the ERTC and how your organization could benefit.