Did you have a PPP loan? You might qualify for Employee Retention Credits (ERC) because you retained employees during the pandemic.

Newity has compiled the top FAQs related to PPP’s impact on ERC eligibility, credit amounts, and timing.

• Can I file for ERC if I received a PPP loan?
  Yes, receiving PPP does not disqualify you for ERC. NEWITY will integrate your PPP loan into your calculation when determining your credit.
• What are the qualifications for ERC?
  Your business must have A) retained W-2 employees in 2020 and/or 2021 and B) either have experienced a decline in gross receipts or have been impacted by governmental orders. Determining your eligibility based on Part B qualifications is our specialty. Our Shutdown Team is staffed with attorneys that examine the exact government orders that your business was subject to in 2020 and 2021. If the shutdown attorneys determine that you qualify, your eligibility is documented in a memo specific to your business and operations.
• Does PPP forgiveness count towards my gross receipts?
  No, PPP forgiveness does not contribute towards gross receipts.
• Does my ERC count as income when I receive it?
  No, once you receive ERC you must reduce deductions for wages on your tax returns for the years in which you are eligible for ERC.
• How long does it take for the IRS to send a refund after filing for ERC?
  In our experience, the IRS can take up to nine months to issue a refund check. Our ERC FastTrack program enables qualified businesses to receive their ERC claim in as little as five days after filing with the IRS.
  
  Their ERC eligibility screening process is complementary and does not impact your credit score. See how much you may qualify to receive in 15 minutes or less in your NEWITY Smart Portal.

In connection with NEWIT Jeffrey Mosher welcomed Luke LaHaie, Co-Founder / Co-CEO, NEWITY last fall for an interview on Michigan Business Network.

Luke's hometown, Cheboygan, Michigan.,

To hear Luke share about his career and company NEWITY, click play on the SoundCloud podcast shared below:

During their conversation, Jeffrey looked to find out:

We wanted to have you on as NEWITY was among those at this summer's Great Lakes Lenders Conference.

1. Does NEWITY currently support Michigan small businesses?

2. With PPP behind us, how does NEWITY help Michigan businesses now?

3. Why is the SBA’s 7(a) program beneficial for small businesses?

4. Are there other members of the Michigan community that NEWITY supports?

5. How can Michigan businesses find NEWITY?

PPP Pioneer for America’s Small Business Owners, Servicing a Total of $11.3 Billion in Loans which Helped over 115,000 Businesses & 1.2 Million Employees.
Luke LaHaie launched NEWITY with a drive to provide small businesses better support, guided by years of diverse industry experience – including expertise in commercial lending, transaction advisory, audit, tax, and lender services.

As Co-Founder / Co-CEO, Luke leads all facets of the business from loan originations and investment strategy to portfolio management and partner network expansion. His leadership fuels the growth of NEWITY’s market, in service of the American entrepreneur.

Extensive Finance, Consulting, and Accounting Industry Experience Supporting American Small Businesses
Luke LaHaie was the managing director at a private debt fund, overseeing portfolio management, credit analysis/underwriting, investment committee presentation, investor relations, and new business development. He also focused on a wide variety of industries, delivering transaction advisory and lender-based services at RedRidge and PriceWaterhouseCoopers.

Luke holds a master’s degree in Accountancy from the University of Notre Dame and a bachelor’s degree in Finance from Michigan State University. He is a Certified Public Accountant registered in both Illinois and Michigan and a CFA® Charterholder.

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