ERC Provider, Stenson Tammadon partner to process ERC in Puerto Rico
ERC Provider, a team of professionals dedicated to maximizing the Employee Retention Credit (ERC) for small and midsize businesses affected by COVID-19, announced its partnership with Stenson Tammadon, a tax consultancy and financial service, to process ERC funding in Puerto Rico.
“There are 45,451 active businesses in Puerto Rico employing 680,586 people, though currently there is still a $17 billion excess of ERC funds available for Puerto Rican companies,” said Sunshine Chapman, president of ERC Provider.
“Very few have taken advantage of this extremely valuable program, but together with Stenson Tammadon, we stand ready to help businesses claim the rebates they may be entitled to,” she added.
ERC Provider’s bilingual team of credit facilitators will qualify business owners affected by the pandemic, when applicable, by discovering how the impact of COVID-19 restrictions on the business aligns with the ERC qualification rules.
The tax analysis and filing will be handled by Stenson Tammadon, which has already claimed more than $3.4 billion in tax credits for US businesses.
ERC Provider advises that companies with less than 500 W-2 employees qualify with the following criteria (it is enough to comply with just one of the following to be eligible for reimbursement):
- Revenue Reduction: If the business had a reduction of at least 50% in gross sales in any quarter of 2020 compared to any quarter of 2019, the business may be eligible. For 2021, the required percentage is lower. The required gross sales reduction is 20%.
- Disruption of Supply Chains: Companies that rely on vendors to run their businesses properly are often able to qualify. To qualify, the disruption to supply chains must have impacted at least 10 percent of business operations and must have been caused by government orders. Such an impact could make the business eligible for the credit regardless of whether there was a gain or loss of revenue.
- Partial or Total Closure: If operations were partially or totally suspended due to a government order because of COVID-19, the company could qualify. This includes government restrictions that caused a business impact, even if the order did not apply directly to the company.
ERC Provider works with small and midsize businesses like restaurants, hotels, retail stores, home health care companies, manufacturers, among others.
