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New dates have been established to file and appeal the Employee Retention Benefit; Employers can receive up to $1,920 in benefits for each employee retained after Hurricanes Irma and Maria
(San Juan, PR, January 22, 2019) – The Employee Retention Benefit was established last year by the Puerto Rico Treasury Department and approved by the U.S. Secretary of Treasury to aid employers in Puerto Rico affected by Hurricane Irma and Hurricane Maria. The program designed to assist employers in recovery efforts for those who retained employees with a benefit up to $1,920 for each qualified employee, had a deadline of December 31, 2018. Recently, the Treasury announced an extension to appeal and file your claim.
For employers who have not yet applied for the Employee Retention Benefit, the deadline for this valuable program has been extended to March 31, 2019. The fund is available on a first come first served basis, so employers must act quickly to take advantage of this limited time benefit.
Employers that have already filed for the Employee Retention Benefit can now appeal their claim until April 30, 2019. Nearly 50% of benefit claims were underfiled. Synergi can review your previous application and submit an appeal to capture missed benefits, maximizing your claim.
There is limited time to file applications/appeals and they must follow strict Puerto Rico Treasury Department guidelines. Synergi Partners can help capture your maximum share of this government benefit by extensively evaluating how the business was impacted by the hurricane(s). The “Operational Impact Analysis,” developed by Synergi Partners, evaluates business revenue loss on an individual basis.
Businesses that qualify for the cash benefit can receive up to $1,920 per eligible employee in the form of a direct deposit. Leveraging its experience as an administrator of government business assistance programs and a tax credit services firm, Synergi Partners is well positioned to assist local businesses in applying for and appealing the Employee Retention funds. Synergi will manage the entire process with the Treasury, from application/appeal to benefit payment receipt.
For more information on Synergi Partners please visit www.synergipartners.com.
About Synergi Partners
Comprising of tax credit veterans with years of experience serving clients of all sizes and in virtually all industries, Synergi Partners specializes in helping employers take advantage of federal and state tax credit programs, as well as disaster relief incentives and research and development tax credits.
With an executive team made up of thought leaders who have made significant contributions to the incentives industry, Synergi Partners’ main goal is to provide the best service available to achieve maximum value for its clients. Visit https://www.synergipartners.com.