Symphony Employer Solutions Keeps YOUR Business Compliant ~ Generous Support For SMBs

Generous Support For SMBs

ERC Is the Largest, Most Generous Support for SMBs Since PPP

For businesses that have seen a drop in receipts of over 20%, the ERC offers substantial, generous support for SMBS that are dealing with the fallout from COVID-19. Business owners should carefully investigate if their business is eligible to participate.

What are the benefits?

A business with 15 employees is eligible to claim credits as follows:

  • Maximum eligible wages per employee: $10,000 per quarter
  • Maximum credits per employee: 70% of eligible wages
  • Number of eligible quarters in 2021: 4
  • Total Potential Credit:
    15 Employees x ($10,000 wages x 0.70 Eligible) x 4 Quarters = $420,000 of credits to support wages

Here’s an additional example demonstrating an employer’s ability to defer the deposit of all of the employer’s share of social security taxes and a reduction in employment taxes from the IRS website:

Example: Employer E paid $10,000 in qualified wages (including qualified health plan expenses) and, after deferral of the employer’s share of social security tax, is otherwise required to deposit $8,000 in federal employment taxes for all of its employees for wage payments made during the same quarter as the $10,000 in qualified wages. Employer E has no paid sick or family leave credits under the FFCRA. Employer E may keep up to $5,000 of the $8,000 of taxes Employer E was going to deposit, and it will not owe a penalty for keeping the $5,000. Employer E will later account for the $5,000 it retained when it files Form 941, Employer’s Quarterly Federal Tax Return, for the quarter.

The Benefits of the ERC program warrant attention to determine eligibility.

To understand the details of the Expanded Employee Retention Credits, click here.

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