The Covid-19 pandemic and forced shutdowns obliterated many companies’ revenues. Supply chain problems, shutdowns, and labor shortages have resulted in a whopping 78 percent of contractors experiencing project delays.
As we survey the damage today, businesses in all industries must take advantage of every avenue to make up the shortfalls and get back on their feet.
Recently, we helped a client in the construction industry obtain over half a million dollars in ERTC. Here’s how we did it.
Our Construction Industry Client: Background
Our client is a mid-sized construction company based in Rhode Island, with roughly 30 people on the payroll. While their business was deemed essential during the pandemic, they were forced to shut down via government mandate in 2020 and 2021.
Unfortunately, this resulted in a significant drop in revenue for the business, and they had to pay people not to work.
In 2020, the company took out an initial Paycheck Protection Program (PPP) loan, later forgiven. But due to shutdowns in 2021, the company had to take a second draw of the PPP.
The C&A Approach
If they’ve taken out a PPP loan, many businesses believe they can’t apply for the Employee Retention Tax Credit (ERTC). But that’s false.
Many of our clients are also concerned that if they obtain ERTC, they won’t be able to get their PPP loan forgiven. But that’s not an issue either. Our tax experts take a fine-toothed comb through our client’s financial documents and apply for the credit in a way that preserves PPP loan forgiveness.
Here’s how we helped the client apply for the credits. We:
- Calculated and documented the rationale and methodology for obtaining the credits
- Submitted all forms, including preparation as required
- Coordinated with payroll companies, and
- Monetized the credit
We helped our construction industry client obtain $622,922 in employee retention tax credits for tax years 2020 and 2021.
Need Help with the ERTC Application? Contact us.
Most, if not all, businesses will meet the qualification criteria for employee retention credits, so don’t leave this money on the table.
We’ve documented over half a billion dollars in ERTC claims for over 1,000 clients during the pandemic. We provide transparent, fixed-fee pricing and completed end-to-end deliverables.
Reach out to us today either online or by phone at (508) 797-5003 to obtain the ERTC for your business.