Dear Client –

1. Did you pay W2 wages to employees and/or yourself? If yes, continue. If no, there is no need to read further.

If you answered yes to #1 AND answer yes to any of the questions below, call us.

2. Did you experience a partial or full government mandated shutdown of your business?

3. Did you have a decline in gross receipts of at least 50% in Q2, Q3, Q4 of 2020 as compared to the same quarter in 2019?

4. Did you have a decline in gross receipts of at least 20% in Q1 of 2021 as compared to the same quarter in 2019? Or will have in Q2, Q3, or Q4 in 2021 when compared to 2019?

You are receiving this email due to additional law changes that may provide you a benefit. We all seem to have our head’s spinning with information overload and so we hope to convey this issue simply enough that you say – yes, call Seidel Schroeder or no, not worth it.

What is at stake is the Employee Retention Credit. Previously you were not entitled to have both the PPP loan and be eligible for this credit. Not only did that change but the credit amount became substantial (Cap of $5,000 per employee in 2020 and Cap of $7,000 per employee per quarter in 2021).

Again if you answered yes to #1 and yes to any of the other questions, please call your advisor at Seidel Schroeder.