I think we have all heard about the latest round of CARES Act Incentives, but do we really understand what is available to us? It seems that many of our firms assume they do not qualify for any benefits because they do not meet the requirement of experiencing at least a 50% reduction in year over year gross receipts. The important part of this Act is that the criteria to be eligible is much broader and, based on information we have received, we estimate that most of our member firms would be eligible. The other important consideration is the Employee Retention Credit (ERC) part of the Act’s benefits. This is not a loan under the PPP. It is a direct refund of your payroll taxes for up to 50% of wages paid.
MRCA has asked One Digital and Synergi Partners, who are specialist consultants in the field, and from whom we have received the information referred to above, to provide an educational session giving an overview of the Act and details on Employer qualification for benefits, in both PPP and ERC.
The primary purpose of this program is to educate our members on potential benefits that their firm would be qualified to receive.