If you were one of the millions of businesses approved for SBA Paycheck Protection Program (PPP) loans, your next step is applying for Employee Retention Tax Credits. We’ve compiled the information available based on the latest guidelines from the SBA and the U.S. Department of the Treasury. Check back here often for updates, as the guidance is subject to change regularly. Even if you did not receive the PPP loan you still may be eligible for the ERC program. Speak with a Range Brokers expert today to start the application process.
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Our done-for-you model means we submit the application with you to the bank.
Many businesses in the food and beverage industry have been struggling through the pandemic and Jorns & Associates is prepared to help guide you through the complex grant process. This time sensitive program will allow you to quickly infuse funds into your business. Let Jorns & Associates assess the opportunity, maximize benefits, and manage the grant process from application to approval. As always, Jorns & Associates will keep your business in compliance and provide audit support. About RRF: $10,000,000 Maximum per grant. $5,000,000 Maximum per location. Restaurants with 20 or fewer locations are eligible for this program. Grants can cover eligible expenses incurred between February 15, 2020 to December 31, 2021. Unused grant funds must be returned. Initial period that prioritizes businesses owned by women, veterans, and economically disadvantaged. Not subject to federal income tax.
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Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience a “partial suspension” of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19. The coronavirus (COVID-19) outbreak has forced the cancellation of trade shows throughout the world and according to studies, airplane passenger numbers dropped by 60 per cent in 2020 as a result of the COVID-19 pandemic.
According to IRS FAQs, a business that can open (but with restrictions) would still be “partially” shut down due to a governmental order. For example, if a restaurant dining room normally has 100 tables, but due to “social distancing” orders, the restaurant is only permitted to have 50 tables, the employer is still subject to a partial shutdown order and would be eligible for the ERC.
We provide complete, rapid and uncompromising advice around Employee Retention Credits and will help you identify all the ways your business has had impact on commerce, travel and group meetings to qualify for ERC.
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We help create the business documentation related to partial suspension of operations
We file amended 941-X returns with the IRS as a paid preparer on your behalf