CARES Act Tax Credit

Take Avantage of the COVID-19
Employee Retention Credit

Although the CARES Act Employee Retention Credit (ERC) was passed at the beginning of the COVID-19 pandemic, there is still time to claim the tax credit if you qualify.

ERC is a federal program designed to help businesses negatively impacted by the pandemic. The good news is that many of the original provisions have changed to help even more businesses. The bad news is that the changes may have led to misconceptions about the program. North Shore Bank’s strategic partner, MP, provides ERC support that relieves businesses of the burden of determining eligibility and completing the complicated claims process.

MP’s team of ERC experts ensures you receive maximum funds in a minimum amount of time. Why not get your credit claim in the process before funds run out?

Faster Turnarounds
MP’s team ensures you receive maximum funds with minimum turnaround times. They’ll streamline the process and dramatically reduce any time and effort your team contributes to the process.
ERC Expertise
MP’s industry-specific experts understand the many nuances of this IRS program. They have assisted hundreds of businesses that didn’t know they were eligible to qualify for hundreds of thousands of dollars in funds – sometimes even claiming credits over a million dollars
Audit Protection
Trust MP’s representatives to ensure your claim is accurate and defensible. They’ll prepare your paperwork and records and hold on to everything in care audit. Additionally, MP will assist any audited clients and resolve IRS concerns.
One Free Year of Human Resource Services
As part of MP’s ERC services, clients may qualify for one free year of Human Resource services. Their SHRM-certified HR experts conduct a comprehensive audit of your HR policies and employee handbook. They then provide a thorough, proactive roadmap of success.

Not Sure If Your Business Qualifies For ERC?

If your business falls under one of these categories, you could qualify for ERC.

Government Order
Businesses and Tax-exempt organizations that experienced fully or partially suspended operations due to orders from an appropriate governmental authority to limit commerce, travel, or group meetings due to COVID-19 can often qualify as eligible employers for purposes of the ERC. Wages that were paid during the entire time the government mandates were in effect may qualify. If government mandates limited group meetings, this can be a key qualifier for some organizations, though not the only route to qualification.
Gross Receipts Test
Gross Receipts Test is widely used as a marker of qualification. The ERC Gross Receipts Test for 2021 reviews the extent gross receipts of the organizaiton decreased compared to the same calendar quarter of 2019. If there is a decrease of more than 20%, then the organization has a strong chance to qualify for the 2021 ERC. The Gross Receipts Test for 2020 is much the same, aside from the required decrease. If there is a downward shift of more than 50% in gross receipts, then the organization has a strong chance to be qualified for the 2020 ERC.
Recovery Start Up

Based on the American Rescue Plan Act, a business that opened during the Covid-19 pandemic may be eligible to receive the credit. To qualify is relatively straightforward.

  • You must employ one or more employees (not including family or owner)
  • You began operations on or after February 15, 2020
  • Your gross receipts total under $1M for 2020 and 2021 individually
  • You must not be eligible under any other ERC requirements
  • You paid employees during the 3rd and 4th quarters of 2021

Schedule a brief, 15-minute discussion to talk about your business, the number of employees, and the impact the pandemic had on your 2020 and 2021 revenue. For more information or to set up an appointment, simply complete all the fields on the form above to get started.

MP and North Shore Bank are not affiliated.