Asure has helped clients receive over half a billion dollars of ERTC funds that were rightfully owed to them by the US government. See if your construction business is eligible for up to $26,000 per employee for ERTC with our simple 2-minute self-quiz.
The Employee Retention Tax Credit (ERTC) are funds owed to businesses that were adversely impacted by government shutdowns during the pandemic. Asure is a publicly traded company on the Nasdaq stock market. When you partner with Asure, you’re partnering with the fastest-growing payroll company in North America. We’ve been in business for nearly 40 years. We’re dedicated to helping businesses grow.
If your construction company experienced financial losses, suspended services due to project interruptions, difficulty sourcing materials, budget cuts, or other challenges caused by government-ordered mandates, you may qualify for ERTC.
Why Did the Government Create This Tax Credit?
The federal government authorized billions in economic stimulus through the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) program. The reason was to encourage companies to keep workers employed during the pandemic, even though government mandates may have been causing your revenue to dwindle.
Many businesses took out PPP loans but didn’t look into ERTC. The government then passed new legislation to make it possible for businesses to qualify for ERTC even if they had received PPP funds.
ERTC was created to help the economy. If your business was able to keep folks employed, you did your part. You’re potentially owed hundreds of thousands of dollars. Consider that in New York State alone, the loss of 44,400 construction jobs due to the COVID-19 pandemic in 2020 was the state’s worst annual decline in the industry in more than 25 years, according to a report released by the State Comptroller.
Important ERTC Facts to Know for Construction Businesses
Many construction businesses qualify. It’s worth investigating, considering the amount of money that you can recover. How would you feel if your competitors recovered large sums of financial help while you failed to look into ERTC?
1 – You can qualify if your business had to close or limit capacity due to government closures, supply chain issues or distancing requirements.
You may have had projects suspended due to government orders. You may have had materials suppliers unable to deliver you goods because of government mandates. Your operating hours may have been limited by cleaning mandates or curfews. Social distancing requirements may have limited your construction crew sizes.
Are you in the oil or gas sector? Ask our ERTC specialists if your business qualifies due to project suspensions caused by the decreased demand for oil following travel restrictions imposed by the government.
2 – Receive up to $26,000 per employee
Remember, ERTC (Employee Retention Tax Credit) is indeed a tax credit. It was created to reward businesses such as construction companies that kept employees on payroll during the COVID pandemic. Your construction business can receive as much as $7,000 per employee per quarter for the first three quarters of 2021. This equates to $21,000 per employee. Your business may also qualify for an additional $5,000 per employee for 2020.
That’s a total of $26,000 for each employee.
3 – ERTC is a cash refund
The ERTC is a federal credit taken on a business’ quarterly payroll taxes, not the business’ taxes. ERTC is based on how many full-time employees (30+ hours per week) the company had for the eligibility period. The credit calculation is based on qualified wages paid per employee each quarter. The IRS issues a refund check in the amount of the credit claimed.
4 – Even if you received PPP you can qualify for ERTC
Congress passed a new law called the Consolidated Appropriations Act (CAA) that allows businesses to claim both PPP and ERTC. Don’t assume you can’t get ERTC funds just because you received PPP. These are separate programs.
5 – You can qualify by showing a reduction in gross receipts
For the first three quarters of tax year 2021, your business may be eligible for ERTC if gross receipts are down at least 20% from the gross receipts in the same calendar quarter of 2019.
For each quarter of tax year 2020, an employer is eligible if your business’s gross receipts are down at least 50% from gross receipts in the same calendar quarter of 2019.
6 – It’s easy to apply with a trusted partner
Asure’s ERTC professionals will file amended payroll tax returns for the qualifying quarters and submit them to the IRS for your company. Asure is a publicly-traded company on Nasdaq and has been in business for nearly four decades.
See if you’re eligible for Asure’s ERTC service with our 2-minute quiz.
Common ERTC Questions
Does ERTC credit need to be paid back?
ERTC isn’t a loan and isn’t paid back. ERTC stands for Employer Retention Tax Credit. It’s a tax credit, not a loan.
Does everyone qualify for Employee Retention Credit?
Is ERTC still available in 2023?
Yes, businesses can still claim ERTC in 2023. Take this 2-minute quiz to determine if your business is eligible.
What’s the difference between ERTC and ERC?
ERTC and ERC are the same thing. ERTC stands for Employee Retention Tax Credit and ERC stands for Employee Retention Credit. Whether you call it ERC or ERTC, it’s a U.S. federal tax credit.
What are the Advantages and Disadvantages of ERTC?
The big benefit to ERTC is recovering money rightfully owed to your business by the U.S. government – up to $26,000 per employee.
The drawback is that your business will need to file amended tax returns. To make it easy, Asure can do this for you. But Asure will only file if it’s safe and proper for you to do so. So take this 2-minute quiz to determine if your business qualifies for ERTC.
Do 1099 Employees Qualify for ERTC?
No. ERTC is designed to credit your business for W-2 employees, not independent contractors who receive a 1099 from your business.
Is a business that claimed a PPP loan eligible for ERTC?
A PPP loan does not exclude your business from ERTC. You may be able to receive ERTC even if you received a PPP loan. There are nuanced rules. Instead of filing for ERTC yourself, you can partner with Asure’s ERTC experts to recover the government funds owed to your business.
How Asure Has Helped Construction Companies With ERTC
Asure does the tax filings for construction businesses rightfully owed ERTC payments. Your construction business may be owed up to $26,000 per employee. What’s the catch? The government requires that you file amended tax returns.
This can be a headache for busy business owners. That’s why Asure created this service. We do the filing work for you.
identify eligible wages, including qualified health plan expenses
calculate eligible ERTC wages
file amended tax returns for you
Asure has recovered over $500,000,000 in ERTC tax refunds for businesses.
NOTHING IN THIS COMMUNICATION CONSTITUTES LEGAL OR TAX ADVICE OR A GUARANTY OF ELIGIBILITY OF AN EMPLOYEE RETENTION TAX CREDIT. ELIGIBILITY DETERMINATIONS RELATED TO THE EMPLOYEE TAX RETENTION CREDIT ARE THE RESPONSIBILITY OF THE EMPLOYER.