Employee Retention Credit

Was your business affected by COVID-19?

First Community Bank and Trust  has partnered with Innovation Refunds, an expert FinTech provider, to help you unlock more government incentives and substantial cash refunds! You likely qualify for up to $26,000* per eligible employee on your payroll with the Employee Retention Credit.

Download the ERC Fact Sheet

Apply for a Payroll Tax Refund

What is the ERC - Employee Retention Credit?

ERC is a payroll tax refund born out of the same COVID relief bill as PPP which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either PPP or ERC but not both. In early 2021 the rules changed and now your business can claim ERC even if you received PPP funds. That's great news.

How is ERC different from PPP?

PPP was a forgivable loan. ERC returns to the business payroll taxes they already paid. Once you receive the ERC funds from the US Treasury no further action is required on your part.

How do you know if you qualify?

If you're viewing this information, you may already be prequalified.** Digging deeper, the rules provide two different ways to qualify based on negative impacts from COVID. In 2020 and/or 2021 did your business experience either: (a) limitations of commerce, travel or group meetings, or (b) a significant decline in revenue? If you answered yes to either of these your business qualifies. Congratulations.

How is the refund calculated?

Determining the proper amount that you're entitled to is a complex accounting process that requires an expert analogous to an Orthopedic Surgeon or Cardiologist. One of the reasons that we chose Innovation Refunds is that their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Helping businesses to properly unlock these government incentives is Innovation Refunds' specialty.

Is there a cost?

For First Community Bank and Trust customers, there is no upfront cost to determine if your business qualifies to receive money. Innovation Refunds on average invests 14 hours of expert CPA/Attorney time, at their expense, to determine your eligibility. You will never be charged for this time. If you decide to move forward Innovation Refunds merely shares in a percentage of the money that you actually receive from the government.

How much time do you have?

We all know that government funded programs are subject to change. Time is of the essence. As of today you can obtain these funds but for how long remains uncertain. While you do have the next 2 years to claim ERC for both 2020 and 2021, ERC could run out of funds, just as PPP, Restaurant Revitalization, and other funds ran out without notice. Don't delay; be sure to claim your spot in line and receive the funds rightfully owed to you.

Could my CPA do this for me?

With ever-evolving areas of new guidance, ERC involves numerous complexities to consider when determining eligibility, employee count thresholds, certain wage exclusions, accurate refund calculation and PPP fund appropriation timing. Having successfully processed hundreds of ERC claims for business owners nationwide, let our team of experts support you.

How do we know if our business qualifies?

Believe it or not, more than 80% of businesses that apply do qualify! To appropriately determine your eligibility, as well as calculate and substantiate the credit claim, these programs require specialized expertise. Helping businesses to properly unlock these government incentives is all Innovation Refunds does. Let them provide you with a free analysis.