5,000 small companies have obtained over $300 million from the ERC with Lendio
LEHI, Utah—Oct. 26, 2023—Lendio, the nation’s main small enterprise monetary options platform, at the moment reaffirmed its dedication to supporting small companies (SMBs) with the Worker Retention Credit score (ERC) and navigating the appliance course of for SMBs with Lendio’s tax companions. Whereas the Inner Income Service (IRS) introduced a moratorium final month on processing new claims till at the very least January 2024, eligible SMBs can nonetheless submit their ERC software now, to be reviewed when the IRS re-commences them. SMBs can obtain as much as $26,000 per W-2 worker, and the typical software submitted by Lendio receives a tax credit score of $70,000.*
The ERC first launched within the early days of the COVID-19 pandemic with the CARES Act aid package deal, as a refundable tax credit score supposed to encourage companies to proceed to pay workers all through authorities shutdowns in the course of the pandemic. It’s nonetheless accessible retroactively for each 2020 and 2021, for companies who meet particular standards, which is listed beneath.
“Lendio is within the enterprise of serving to small companies survive and thrive, and coming off the heels of a world pandemic, entry to capital, together with tax credit, is a vital a part of that,” stated Brock Blake, Lendio CEO and co-founder. “The Worker Retention Tax Credit score rewards employers who saved their workers on throughout issues like authorities mandates that shuttered eating places, retail outlets and extra. We’ve already helped hundreds of small companies and we’re excited to assist much more over the approaching months.”
Small companies can decide their eligibility for ERC on lendio.com and work with an ERC specialist on their software. Lendio companions with CPAs and tax specialists to make sure functions are dealt with with the best high quality requirements.
ERC {qualifications}
The IRS has specified the next standards for eligibility for the ERC:
2020 {qualifications}:
- Qualifying wages of as much as 100 full-time workers
- A lower in gross income of at the very least 50% in comparison with the corresponding quarter in 2019
- Or both a full or partial suspension of enterprise operations created by a authorities mandate
2021 {qualifications}:
- Qualifying wages of as much as 500 full-time workers
- A lower in gross income of at the very least 20% in comparison with the corresponding quarter in 2019
- Or both a full or partial suspension of enterprise operations created by a authorities mandate
Restoration startup enterprise eligibility:
Companies may qualify as a restoration startup enterprise in the event that they opened after February 15, 2020, have a number of W-2 workers and annual gross receipts underneath $1 million in 2020 and 2021.
Lendio additionally has a wide range of instructional supplies and data on ERC accessible, totally free, on its web site:
About Lendio (www.lendio.com)
Lendio is the nation’s main small enterprise monetary options supplier, with a mission to assist small companies survive and thrive. With its various community of lenders, Lendio allows small enterprise house owners to use for a number of enterprise financing choices with a single software. Along with creating entry to small enterprise capital, Lendio provides time-saving monetary SaaS merchandise which are designed to streamline enterprise operations.
Lendio is a mission-driven group striving to supply equal entry to capital to underserved communities and America’s smallest companies. For each new market mortgage Lendio facilitates, Lendio Provides—an employee-contribution and employer-matching fund, in partnership with KIVA–offers a microloan to low-income entrepreneurs world wide, constantly re-investing the fund.
*Lendio inner knowledge
