HotelsMag May 2022 | Page 29

EMPLOYEE RETENTION

TAX CREDIT

Did your hotel have a reduction in revenue OR restrictions from government mandates ?
New IRS guidelines under the CARES Act allows hotels to receive up to $ 26,000 per employee through the Employee Retention Credit . The credit is paid back in the form of a check ; it is not a loan or a grant . The ERC is available to hotels who received PPP as well . New businesses are also eligible for a Start Up Recovery Credit up to $ 100,000 .
HigherUp is a payroll and tax firm that specializes in maximizing the ERC and has been in business for over 20 years .
We can discuss eligibility and determine your credit amount with a free 10-minute consultation .
Misinformation
Client A : thought they didn ' t qualify due to PPP . Received $ 450,000 Client B : thought they were too large to qualify . Received $ 7,000,000 Client C : aquired a new business after Feb . 2020 . Received $ 120,000 Client D : thought they weren ' t eligible due to layoffs . Received $ 250,000
417-872-5699
erica @ hotelsmag . com
ericas @ gohigherup . com
hotelsmag . com gohigherup . com
Erica Sturdefant
May 2022 hotelsmag . com 29