Question 1

What is the ERC?

Accepted Answer

The ERC is a payroll tax refund from the same COVID relief bill as the Paycheck Protection Program (PPP), which incentivized businesses that kept employees on payroll during the COVID-19 pandemic. Initially, businesses were limited in their ability to claim either PPP or ERC, but not both. However, the rules were modified, and now your business can claim ERC even if you received PPP funds.

Question 2

How is the ERC different from the PPP?

Accepted Answer

The Paycheck Protection Program (PPP) was a forgivable loan. The Employee Retention Credit (ERC) returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury, no further action is required on your part.

Question 3

Who may qualify for the refund?

Accepted Answer

You may qualify if your business experienced disruptions to commerce, travel, or group meetings. This includes supply chain disruptions, price increases, staffing shortages, reduced operating hours, reduction in goods or services offered, and being unable to travel or attend business conventions.

Question 4

How is the refund calculated?

Accepted Answer

Determining the proper amount that you’re entitled to is a complex accounting process that requires a knowledgeable and experienced professional. One of the reasons Balboa Capital chose IR is their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Unlocking these government incentives for businesses like yours is Innovation Refunds’ specialty.

Question 5

If I qualify for a refund, will I have to repay it?

Accepted Answer

No. This is a refund of payroll taxes that you paid, so the money is yours.

Question 6

How much does it cost?

Accepted Answer

For Balboa Capital customers, there is zero upfront cost to determine your qualification status and to estimate your refund. On average, Innovation Refunds invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to claim your funds, Innovation Refunds shares in a percentage of the money you receive from the government.

Question 7

How much time do I have?

Accepted Answer

Time is of the essence - we all know that government-funded programs are subject to change. As of today, you can secure your ERC funds, but for how long remains uncertain. PPP, Restaurant Revitalization, and other support ended without notice. So don’t delay; be sure to claim your spot in line and receive the funds rightfully owed to you with Innovation Refunds.

You May Qualify for a Payroll Tax Rebate*

We can help you get the COVID-19 payroll tax refund you’re owed.

Answers to frequently asked questions about the Employee Retention Credit (ERC).