Magzinenews
    Facebook Twitter Instagram
    Magzinenews
    • Home
    • Business
    • Education
    • Entertainment
    • Fashion
    • Lifestyle
    • Health
    • Website
    • News
      • Home Improvement
    • Technology
      • Digital Marketing
      • Social Media
    Magzinenews
    Home»Lifestyle»4 Common Misunderstandings of Startups on ERC
    Lifestyle

    4 Common Misunderstandings of Startups on ERC

    AlbertBy AlbertJuly 25, 2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    In the past decade or so, there has been an explosion in startups. It’s not unusual to find a new company every day, and many of these companies succeed. The constant and intense changes and regulations in the startup sector, along with COVID restrictions from the side of the government have left many startups devastated. Moreover, startups have been the most affected ones during the COVID time. In the last few months, the “startup fever” was not just a case of an over-hyped and over-appreciated market but it has all culminated into a total meltdown. 

    The question here is, like any other business, can startups qualify for Employee Retention Claims? Yes, actually. You can learn more about ERC and its criteria on ercguaranteed.com. 

    Let us now see into 4 common misunderstandings of startups on ERC.

    • Startups don’t qualify for ERC

    Not really. Startups are actually not excluded from ERC. However, like for any other business, you need to adhere to some specific guidelines while claiming your benefits. The startup model is a new and dynamic one that has never been done before. But it doesn’t mean that startups don’t qualify for Employee Retention Claim.

    • You can’t claim ERC if you have a PPP loan

    PPP loan is not a problem for claiming ERC. Not at all. You can continue claiming ERC even if you have a PPP loan. A PPP loan will never be an obstacle to claiming ERC. That means startups are not exempted from claiming ERC if they are PPP-funded companies. PPP provides you with money, which will be paid back. In fact, it is a good idea that you get a PPP loan to get your business off the ground. 

    • You can’t qualify for ERC with a partial shutdown

    This is one of the most common myths about ERC. Many companies think that a partial shutdown automatically disqualifies them for ERC. The truth is that partial shutdowns are fine for claiming ERC if they meet other criteria. Actually, a partial shutdown can help you to be eligible for ERC, and it is a good reason why you should claim ERC even if you have a partial shutdown.

    • ERC is taxable

    That is not true. ERC is not taxable. Actually, ERC does not lead to tax liability as you claim it on income tax as a refund.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Albert
    • Website

    Related Posts

    Top Childcare Solicitors in Leicester

    February 22, 2023

    Finding Comfort in Remembrance: Memorial Gift Ideas for Children and Teens

    February 19, 2023

    5 Reasons why wool is the best circular fibre to use

    January 25, 2023

    Diwali Special Party Wear Suits For Women

    January 3, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Working with a Jersey City Slip and Fall Lawyer: What Will They Do for You?

    March 23, 2023

    Can You Give an Estimate of How Long a Case Like This Might Take?

    March 22, 2023

    The importance of nurses speaking up for patients

    March 20, 2023

    Tips for Visiting Dubai on a Budget

    March 18, 2023
    Categories
    • All
    • App
    • Automobile
    • Automotive
    • Beauty Tips
    • Business
    • Celebrity
    • Communication
    • Diet
    • Digital Marketing
    • Drawing
    • Education
    • Entertainment
    • Exercise
    • Fashion
    • Featured
    • Finence
    • Fitness
    • Food
    • Games
    • Health
    • Home Improvement
    • Law
    • Lifestyle
    • News
    • Online Games
    • Painting
    • Pet
    • Photography
    • Product
    • Protein
    • Real Estate
    • Social Media
    • Sports
    • Style
    • Technology
    • Travel
    • Web Design
    • Website
    • Privacy Policy
    • Contact Us
    Magzinenews.com © Copyright 2023, All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.

    Cleantalk Pixel