April is Financial Literacy Month and Core Bank is supporting businesses and non-profits with our partnership with Innovation Refunds. Churches, Schools, Non-Profits, Charities, Museums, and other tax-exempt entities may be eligible for up to $26k per W2 employee through the Employee Retention Credit (ERC). The ERC is not a loan; it’s a refundable payroll tax credit to help businesses that were impacted by COVID-19. We’re encouraging all our customers (and non-Core Bank customers can also apply) who own tax exempt businesses to apply for the ERC through our strategic alliance with Innovation Refunds.
But first, what is the Employee Retention Credit (ERC)? The ERC is a payroll tax refund born out of the same COVID relief bill as PPP. This program was created by Congress to put eligible businesses’ money back in their pockets.
How may my business qualify? If your business was impacted by COVID and it kept W2 employees on payroll in 2020 and/or 2021, then it may qualify and should apply for ERC. Click here to get started.
What if my business took PPP funds? In early 2021, the rules changed and now your business may qualify whether it claimed PPP funds or not.
Why Innovation Refunds? We partnered with Innovation Refunds because their network of independent tax attorneys and CPA firms like Ernst & Young (EY) aim to help eligible businesses unlock their maximum ERC refund.
Is there a cost? Innovation Refunds doesn’t get paid until your business has a physical check from the U.S. Treasury.
How much time does my business have to apply? The period to apply is scheduled to end and the eligible refund amount will soon decrease. For most businesses, they have until April 2024 to receive the maximum $26k per W2 employee. Apply for the payroll tax refund today!
View the interview or listen to The Core Experience Podcast and learn more about Innovation Refunds.
*Subject to tax evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. If approved, Innovation Refunds may require a fee for ERC claims. You should consult your tax, legal and accounting advisors for information before using the services of Innovation Refunds or to determine if your business qualifies for the ERC.
Core Bank is not affiliated with Innovation Refunds. Core Bank makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds services or its website.
Core Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. Innovation Refunds and its programs and services are not FDIC Insured.