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CARES Act Employee Retention Credit

Has your business been impacted due to the COVID crisis? You could be eligible for a refundable retention credit of up to $33,000 per employee. The Credit can offset all federal tax deposits, which can be 25%-30% of payroll costs. Anything above that amount is refundable.

Time to Act is Now

These incentives will expire!

Receive a complimentary analysis to determine the amount of tax credits your business may be eligible to receive. Simply fill out the form below.

Information entered can be estimated.

    In December 2020 the Consolidated Appropriations Act, and in March 2021 the American Rescue Plan Act were signed by the President providing additional COVID-19 relief packages for businesses. Specifically, this new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC). The legislation is broken down into two segments:

    Here is an overview of the credit for 2020:

    The Federal government passed the CARES (Coronavirus Aid, Relief and Economic Security) Act on March 27, 2020.

    Any private sector or non-profit employer, regardless of its size, is eligible for the Employee Retention Credit during calendar year 2020.

    To be eligible, the business must:

    1. Be fully or partially suspended due to government order due to COVID-19, or
    2. incur a 50% decline in gross receipts from the same quarter in 2019, between 3/13/20 through 12/31/20.

    The Employee Retention Credit is equal to 50% of qualified wages paid per employee. Currently, the Act places a $5,000 total cap on the credit per employee for the 2020 tax year.

    “Qualified wages” varies depending on the number of employees. The credit is available for qualified wages from 3/13/20 through 12/31/20.

    Here is an overview of the credit for 2021:

    In December 2020 the Consolidated Appropriations Act, and in March 2021 the American Rescue Plan Act were signed providing additional COVID-19 relief packages for businesses. Specifically, this new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC).

    The ERC was previously unavailable as an option for relief to businesses that received Paycheck Protection Program (PPP) loans through the SBA. However, the new legislation explicitly provides a retroactive amendment to March 13,2020, and clarifies these businesses are now eligible to receive the ERC—just not on wages paid with PPP loan funds.

    Other important changes to the ERC include:

    • Businesses that received PPP loans now eligible to receive ERC
    • Extension of ERC for the entire calendar year 2021
    • A prospective credit increase from 50% of up to $10,000 of qualified wages annually to 70% $10,000 of qualified wages per quarter starting January 1, 2021 through December 31,
    • 2021; and
    • Increases limit on per-employee creditable wages from $10K for the year to $10K for each quarter in ‘21
      • New max = $33,000 ($5K / 2020 + $7K / 1Q21 + $7K / 2Q21 + $7K / 3Q21 + $7K / 4Q21)
    • Increased benefits in 2021 for full wages for companies up to 500 employees
    • Public universities and hospitals are now considered eligible employers.

    The Employee Retention Credit can be claimed against the employer’s portion of employment taxes, including Social Security and Railroad Retirement. Should the credit exceed the amount due, it is treated as an over payment and is refundable.

    Synergi is prepared to guide you through this process. Reach out to us now to get started:

    Operational Impact
    Full Or Partially Suspended Operation
    Payroll Tax Credit
    Refundable

    Time to Act is Now

    These incentives will expire!

    Receive a complimentary analysis to determine the amount of tax credits your business may be eligible to receive. Simply fill out the form below.

    Information entered can be estimated.

      Disaster Relief Incentives for

      Myrtle Beach Area Chamber of Commerce

      Did your business lose revenue, products, or experience inadequate shift coverage because of Hurricane Florence?

      Then you may be eligible to earn up to $2,400 for each employee retained!

      Downloading Our FREE White Paper

      President Trump signed H.R. 1865 (116) into law In December 2019 which included a tax credit package, along with the Hurricane Disaster Relief Act of 2017 (H.R. 3823, Section 503) and The Employee Retention Credit For Employers Affected by the California Wildfires. The tax relief legislation includes an employee retention credit to encourage employers affected by hurricanes, wildfires and other natural disasters to retain employees while their businesses regain normal operations.

      Synergi Partners evaluates tax credit eligibility for business in all affected disaster areas. Synergi Partners has developed a “Operational Impact Analysis” which evaluates business revenue loss on an individual basis.

      How does Synergi determine if my business qualifies for a retention credit? Synergi reviews different areas of the business that affected your operations. These areas include:

      Operational Impact
      Physical Impact
      Productivity Benchmarks
      Financial Impact

      What you need to know about tax and business incentives to help you if your business has been impacted by a hurricane.

      Learn how you can take advantage by downloading our FREE white paper!

      Download Free White Paper Now
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      Myrtle Beach Area Chamber of Commerce

      Overview of the South Carolina Job Tax Credit

      The Job Tax Credit (JTC) is a statutory incentive offered to companies, both existing and new, that create new jobs in the state. This credit is extremely beneficial for companies, because it is a credit against corporate income taxes, which can eliminate up to 50% of a company’s liability.

      See if your business qualifies for state credits!

      Please fill out the form below and we will get back with you shortly.

        Eligibility

        • A business must be engaged in manufacturing, processing, tourism, warehousing, banking, distribution or research and development. (Retail facilities and service related industries qualify in Tier IV County¹)
        • Credit amount is $1,500 – $8,000 per year for a five year period for each new, full time job created, depending on county designation
        • Full time job is minimum of 35 hrs/week; two half-time jobs (20hrs/week or more) can be combined to equal one full time job for credit eligibility
        • No minimum wage requirement for all businesses

        Opportunity

        For 2011 and years thereafter, the “basic” job tax credit amounts under the traditional annual job tax credit are as follows:

        • Tier I County: $1,500
        • Tier II County: $2,750
        • Tier III County: $4,250
        • Tier IV County: $8,000

        Monthly average increase for tax year requirement is 10* new jobs in all counties. Credit can be used against 50% of tax liability or carried forward 15 years.

        Exceptions: 20 for new hotels and 25-175 for qualifying service related facilities

        Myrtle Beach Area Chamber of Commerce

        Federal Hiring Incentives

        Work Opportunity Tax Credit (WOTC)

        The Work Opportunity Tax Credit (WOTC) is a federal hiring incentive program that allows your business to receive up to $9,600 in tax credits per each eligible new hire.

        The partnership between Myrtle Beach Area Chamber Of Commerce and Synergi positions you for success, growth and profitability. We recognize your need for great talent and industry leading tax credit consulting and technology. We look forward to having you as part of our family. Please follow the instructions below to get started.

        The Work Opportunity Tax Credit is a federal hiring incentive that provides a tax credit worth up to $9,600 if your company is hiring from any one of the following groups:

        • A member of a family that is a Qualified Food Stamp Recipient
        • A member of a family that is a Qualified Aid to Families with Dependent Children (AFDC) Recipient
        • Qualified Veterans
        • Qualified Ex-Felons, Pardoned, Paroled or Work Release Individuals
        • Vocational Rehabilitation Referrals
        • Qualified Summer Youths
        • Qualified Supplemental Security Income (SSI) Recipients
        • Qualified Individuals living within an Empowerment Zone or Rural Renewal Community
        • Long Term Family Assistance Recipient (TANF) – formerly known as Welfare to Work
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        Tax credits off-set tax liability dollar for dollar. Some companies use credits in their tax planning to off-set quarterly estimated payments. Some companies use credits at the end of their tax year against annual tax liability. In the event of no tax liability, tax credits can be carried forward for up to twenty years. Consult with your tax professional for how to best use these incentives.

        business partners' hands in teamwork gesture

        The life of a tax credit can be a year or more. The process begins with screening your new hires and ends with delivery of a certified and calculated tax credit. We manage this for you.

        Synergi beats the competition when it comes to screening, eligibility, forms compliance, certifications, and reporting

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        Built right into the platform, we screen eligibility and sign forms as you process hires.

          How To Get Started?

          Register Yourself

          Fill out the form and submit your contact information.

          Contact

          A Synergi Rep will contact you to discuss the next steps.

          Close

          Synergi will notify that you are ready to go. Sit back and start earning credits.

          Hiring incentives or tax credits have been in place since the mid-70’s. They were created by the government to motivate employers to hire job seekers that have difficulty obtaining employment. Tax credits range in value from $1,200 to $9,600 per qualified hire.

          Why Synergi Partners

          We focus solely on tax credit and disaster relief and capture the maximum credits for our clients.

          Questions? Contact Elaine Reynolds (843) 610-3224 or

          Questions?

          Contact Elaine Reynolds (843) 610-3224 or

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