VANNOY:

Hello everyone. My name is Mike Vannoy with Asure, and today we’re gonna talk about a new small business tax credit. This is the 100% tax credit for allowing employees to, to get paid leave, to go get vaccinated. There’s more to it than that, but that’s really the punchline in joining me today. Recurring guest is Terri Kirby from the Tax and and Compliance Department Manager of Tax and Compliance. Welcome again, Terri.

KIRBY:

Thank you.

VANNOY:

Okay. So on April 21st the White House put out a, a press release. And this is really in anticipation of the, you know, first a hundred days speech and talking about accomplishments in, in plans. And, and I think this press release kind of created a bit of a stir in the payroll world, right? Because part of the language here is that and you can, you can read it on the screen and the fir the first paragraph of, of the, of the fact sheet. And you can hop on on White house.gov to see this stuff, if you like says President Biden will announce and then kind of creating the perception that we have, have a new law here. And this is a new law, but it’s not new as of April 21st. It kind of backs up to the, to to April 1st. Right. Can, can you talk us through that, Terri?

KIRBY:

Sure. Basically, with the Americans Recover rescue Plan Act that was passed back at the beginning they had already opened the door for this new tax credit for expanding family and sick leave so that individuals could be vaccinated. This just got called out even more so with this announcement later on in April as a, the recap of his a hundred days in office. And that President Biden was pulling in a call to all Americans so that we could go out and get vaccinated so we could reduce the exposure of covid across the nation and hopefully reduce the cases. And so we have America back to work.

VANNOY:

Yeah. Right. So if you’re f for anybody you’re familiar with the blur that we, that was 2020 this is really very similar to F F C R A, right? The family’s first Coronavirus Response Act of which, and, and that was a separate law that I think preceded the CARES Act by what a, a week or so. In, in it accounted for specific leave types, right? So if you got sick there, there was, there was a tax credit available. If you had to leave and take care of a family member there was tax credits available. So without getting into all the details of F F C R A from last year, can you just kind of, you know, paint a high level picture of what those types were purpose in and how this is really an extension of those and what those dates are.

KIRBY:

Right. The, the F F C R A credits that were established for sick and family leave, were basically out looking at individuals and their impact. So you had the first three categories had to do with the personal individual. They believe that they were, had symptoms of covid, so they wanted to go home and, you know, they had to do their quarantining. So they had sick time up to two weeks, 80 hours. They had a, a, you know, a special set of rate of pay if it was the first three categories, because it was self needing. You also had the family leave that was basically so that you had to leave work to be able to take care of someone else or a child that was in school that couldn’t go to school. Those were a reduced amount, but then you also had that, it went over a 10 week period of time after the first, you know, two weeks that would fall under the sick leave and it had a limited amount that was available.

There was a credit offset so that the employer had this credit looking back against social security taxes, which is one of the differences now. And it’s reported on the 9 41, the employer was able to get credits for those against their employ employment tax. They could take those and reduce the deposits that they needed to make on their employment tax deposits. They created an accelerated form so that you could credit, you know, request the credits if it was significant, and it all was reported on the 9 41. So we’re walking back into that kind of a mindset. But there’s a couple of nuances that are on this particular new tax credit that they’ve introduced, but it’s pretty much a similar type of thing. We’ve just expanded it now so that it covers the employees that get out and get vaccinated.

VANNOY:

Yeah, very, very good. So I, if you, so for anybody who knew F F C R A leaves from last year, it’s, I’d say it’s the same concept that is, there is nuance that’s different, but the concept is the same. And, and really I think the point that the White House is trying to make here is, is is this, this in Includes now, it’s not just, Hey, if you get covid, you can, you can take leave and, and here’s the rules to get tax credits for employers for paying for that leave. But to really be proactive and thoughtful about the vaccination process. So the employers, you know, don’t have any concern. You know, if you got a struggling employer, try just trying to hang on by a thread here cuz their business has declined due to covid and due to the pandemic that they know that they’re gonna at least be made whole by letting their employees take work to go get vaccinated to be part of the solution. Right,

KIRBY:

Exactly. Exactly.

VANNOY:

Okay, so we don’t have to unpack all the nuance here. Let’s take a let’s break this off into, into some bigger chunks. So probably the simplest here is just talking about which employers are actually eligible. So it, it may be easier to talk about who’s not, cuz this is, this is open for, for 2021 here.

KIRBY:

Right? So for 2021, the eligible employers are basically being called out as any business or tax exempt organization was less than 500 employees. They tried to make it so that it’s pretty clear so that it’s available for most small and mid-sized companies. There are some governmental institutions now that are being qualified similar to what we had discussed on previous calls with like the the legislation that passed in December. So it opens it up for some of those understanding that, you know, the federal government is not one of those, and any instrumentality of the federal government is not one of those. But we had hospitals and we had government, you know, there’s colleges, state colleges and stuff that had to do with healthcare industry. And so there was a big opening up of some of the availability with that later legislation. This one kind of holds to that as well, but for the most part it’s pretty clear that most, you know, mid-size and small employers are the ones that we’re trying to hit at with less than 500 employees. You’re basically looking at being eligible.

VANNOY:

And so I I I think the rationale is that the, the, the government’s perception is, and probably rightly so, that, you know, larger companies, over 500 employees, they have the, the means and the resources to, to allow time off for their employees. They’ll be able to absorb that. But smaller businesses you know, employees taking time off work impacts their ability to serve customers, which impacts revenue and their, their viability. Right. So, exactly. This is really made simpler and, and raising the bar to 500 employees just to be as wide sweeping as possible. Right. To, to, to get as many people vaccinated as as soon as we can.

KIRBY:

Exactly. So,

VANNOY:

Yeah. Okay, so let, let’s now start getting more into the meat of it here. Cause there there are different types of credits that can be claimed, right? It, it’s, there’s, there’s actual sick leave paid leave for the individual then impacted. And it’s for not just the appointment to get the, the needle in your arm, but you know, possible time that might result if you get a little sick because of it. And how that maybe is different from taking care of a family member from, from family leave.

KIRBY:

Exactly. For the most part. They, they’ve expanded it so that you’ve got, I mean, cuz the original, the original sick leave, again drawing back on F F C R A was basically for employers that were not able to work or telework due to those reasons related to covid 19, now we’re opening that door for sick leave to say, and we’re including those employees that go out and get vaccinated and any recovery time that they may need for that, for that taking that vaccine. So for the most part, sick time is still gonna be available, usually up to the, you know, first two weeks, 80 hours if you’re full-time. And then family leave is for like that extended care. Now that is, again, that’s the nuance of the change also because in the past, the family leave that we were looking at with F F C R A was because someone had to come home to take care of another, it was usually childcare for an individual that was unable to attend daycare or unable to attend school.

So somebody got to come home and take care of the kids and that became the family leave that they allowed for that extra 10 weeks. Now this family leave piece is saying not just to take care of another, but if you had an event when you had your vaccination that required you to remain at home and recuperate from that vaccine exceeding those two week periods, you could be taking family leave until you’re ready to be able to come back. So, you know, we’ve heard some of the there’s been some of the situations where we’ve had other individuals that have had reactions or stuff, they’re still gonna be covered for the employer so that he can help provide that family leave to that individual so that they can get back on their feet and get back to the office and not have had, you know, any major financial impacts because they’ve got family leave and they’re being covered.

VANNOY:

Right, right. Okay. So, and, and then the, the real meat then is the math behind these, these two types of leave, right? So, so let’s break both of these apart. So how much can be claimed for both types of leave? How do you, how do you calculate the, the, the credits for that leave? Can they can they be, you know, combined? Let, let’s, let’s break that apart, Terri.

KIRBY:

Well keep in mind that one of the nuances that we’re looking at with this particular family sick leave is unlike the ones that we’re used to with F F C R A, this one is looking at the credit against our Medicare tax. That’s the one that doesn’t have a threshold. I mean, social security, you got up to a certain wage group, boom, then you’re done paying your social security. And that was also the done with the tax calculation on the employer employer side. This time we’re looking at its impact to Medicare tax and Medicare doesn’t have a threshold. You continue to pay. And employers, you know, or employees that have over $200,000 in the year, they get to pay an additional amount of Medicare tax. But that is sort of like, it’s now keeping some of the, the, the bars are not there, so you can’t just cap it and say, sorry, after that it’s all done.

Now they’re opening that up. So that’s the one thing that was a little different with the sick leave, specifically sick leave is related to the covid 19 rele reasons that we had before. But in addition to that was the vaccination and it’s available for two weeks now. The two week period they’ve estimated up to the 80 hours for a full-time individual. Normally that calculation for part-time employees and such, you’d say, what is the normal time that they work in that two week period? That’s the normal sick leave window. It’s limited to, again, just like last time $511 per day and up to $5,110 for that 10 day period. Keep in mind that it’s at a hundred percent of the employees regular rate of pay. So there’s not a reduction. He’s got his full pay. And this is also looking at any of the employer share of social security, Medicare taxes and any of the eligible health plan expenses and contributions that need to be made. So this $511 per day is looking at what’s the employee’s wage, what’s the employer’s additional tax expense and what is the qualifiable healthcare expenses that both employee, you know, employer or for the most part is expending to be able to provide that benefit to that employee that as long as it’s under that $511, it’s all in that bundle and you get it all. That’s, so they’re trying to make that employee employer a whole

VANNOY:

Yeah, and, and really, excuse me, up, up to including, you know, fairly highly compensated folks right at 500 you know, 511 a day, exactly. 100 for a two week period, you know mm-hmm. <Affirmative>, you’re in the $10,000 a month range here for, for these all in wages. So it, it might not cover the highest compensated people, but this, this really does take care of more than just frontline employees, but really intended to cover most employees. Right,

KIRBY:

Exactly. Yeah. Especially for your smaller and midsize employers, that’s probably the weight of their employees in that staff group. They’re not, you’re highly ex you know, paid executives, but you’ve got the meat of the workforce. Yeah.

VANNOY:

Right, right.

KIRBY:

And now then the family, the family leave piece is the part where again, we were leaving to be able to take care of someone else, but this one’s also for recovery of the individual if they’re out for an extended period of time. This is available at, for up to 12 weeks, cuz that got changed last year for that one up to 12 weeks. It’s limited to $200 per day up to the $12,000 amount across the 12 weeks. And that’s at two thirds of the employee’s regular rate of pay. So that was similar to the reduction, but you know, the coverage that we had with the past, and again, those, that $200 per day is still also looking at what is the qualifiable healthcare that the employer’s expanding? What is the employer’s portion of Social security and Medicare taxes? Well, on those wages so that it’s not a hundred percent, but it’s two thirds and it’s for that extended period of time that an employee or an individual may be out because of the impacts of covid. So it’s, again, it’s similar again, but it’s helping to recover and helping to give that extended time that may be needed so that everybody can get back to work.

VANNOY:

So, so Terri, do I understand it right then? That so the, the, the sick leave the, the paid leave that, that one’s pretty straightforward, right? Mm-Hmm. <affirmative>, but the family leave it includes both taking care of a family member if needed and your yourself, if you’re still sick, it’s just at the reduced two-thirds amount in, in that credit, or is the extended leave just for self?

KIRBY:

Well, the extended leave from the past was to take care of others. So that has been, and, and none of that has really, for the most part changed. So, but what’s happening is that

VANNOY:

This is really, so this is really just an addition,

KIRBY:

Right? See in past you didn’t get, you didn’t get the family leave to take care of yourself per se, <laugh>, right? You, you got it to take care of the kids, but sorry, you gotta jump back. This one’s saying, Hey, if we have extenuating circumstances because of the vaccine, you may need family leave. So it’s now, it’s now looking at the individual as well. So that’s, that’s a little, I mean, and that’s pretty much what they’ve said. I’m probably looking for them to fill in a few more gaps between that when they pass out more guidance. But for the most part, what they’ve said is pretty much that this is to make sure that this is equal to the family leave wages that are eligible and it’s at their employee’s regular rate of pay, rate of pay, and so that it’s able to help them to recover, whether it’s the individual that’s recovering or a family member that they’re caring for.

VANNOY:

So let’s talk sequencing and combinations. So an employee could, could take both leave types, right?

KIRBY:

You wouldn’t take them at the same time. They’re kind of sequential. You start with the sick leave, which is the first two weeks, and then if that’s exceeded, then it goes to family leave. Similar to what was the same case in the F F C R A process.

VANNOY:

Now this, this might get be getting into fringe use case, but if, if I, I’m an employee, I, I took my 80 hour, excuse me, I took my 12 weeks to take care of you know sick family members. And now I take, then later in the year, I take my sick leave for my 80 hours. But I’m, I still have lingering health issues. Am I, am I entitled to any additional self-care family leave? Or once I’ve used that bucket up, I’ve used it up and now it’s straight up F M L A if I have to leave.

KIRBY:

Well, the, the initial piece was that your F F C R A balances for that sick leave piece went through to the end of 2020 at starting January one. It was a voluntary option, but the calculation didn’t necessarily restart. It was still you, you only had that limit. So that limit, once you hit the 80 hours you were done for the being able to take the covid credit. Yeah. this new tax, as they call it though, that’s been coming in now starts with wages and time taken off as of April 1st, 2021 through September 30th. So that means if you had it before, but now you’ve decided to opt for the shot, you know, after on or after April 1st and you had an event or whatever that would require it, this is a new you reset balance between the April 1st and the September 30th date. So it’s open

VANNOY:

And I, I, so that might be a, a fringe case, but I think it’s really important because it kind of ties back to mm-hmm. <Affirmative>, what’s the purpose of this component of, of arpa, the American Rescue Plan Act, right? This component of, of, of ARPA is designed to help accelerate the vaccinations, right? And, and, and get as many people vaccinated as fast as possible. So it, the, so while it, the announcement creates the, I don’t wanna say illusion, it, it, it certainly can create the somewhat of a misperception that this, this is aimed only at vaccinations because it really is broader than that. Tying back to, you know, our, our past what March 11th but but, but the by these, by these counters kind of resetting to zero is really all about getting people vaccinated. Am I, am I saying that right Terri?

KIRBY:

I think you’ve got it. It, it’s one of those that the limit was out. They didn’t reset the limit for the 2020 experience that we had, but this is a new reset so that they know that individuals that may have had an event last year, they have other things going on this year. And so they’re one encouraging them now that more EL individuals are eligible to go out and get the vaccination. Cuz I mean, past, we didn’t have that. They want to get more people out there vaccinated so that we can help reduce the spread. So that you, you know, you may have had a covid event, well now you’ve got the opportunity, your reset your balance in that sense from April 1st so that you can A, go out and get vaccinated. B if you have an event, you have time now that, that, that window of, you know, available sick and family leave is not all eaten up last year and gone and, sorry, you’re, you’re, you snooze, you lose. It’s one of those that it’s a reset and you’ve got a new available balance so that it can help one, like the primary function is to encourage people to go out there and proactively take care of their health, but additionally that in the event that something happens, you’ve got time and that you’re being covered, the government is helping the business so that, you know, we can recover and keep going and getting people taken care of so that we can be more healthy and back to work.

VANNOY:

Yeah. Very good. So kind of recap on this they, they can, they can claim both. They are sequential. You can’t claim both at the same time. If there are lingering issues, I know you’re probably more tax expert than HR legislation expert, but do I, I, I’m assuming if I’ve used my time, I got my 80 hours capped, I need additional time. I take my 12 weeks of family leave, whether it’s for myself, for family member at any time, a above and beyond that would have to qualify under F M L A Right Family leave, which is a different leave type with a whole different legal standard, right?

KIRBY:

Exactly.

VANNOY:

Yeah. Yeah.

KIRBY:

Okay. And you’d be looking at your states as well cuz a lot of states have chimed in and they have other events that can help cover that. You’ve got your paid family leave, things that have come in, you know, California’s got requirements now of what’s available. So it’s not, you know, you’re, you’re not out to dry <laugh> if they have an issue. You’ve got F M L A, you’ve got these other avenues that through the various states that you might be an employee employer of, they can assist with that as well.

VANNOY:

Yeah. Very good. All right, let’s, let’s wrap it up. So we talk about we understand who’s eligible, what the, what the leave types are, how they’re calculated now here, show me the money. How, how is it that employers actually claim the credits?

KIRBY:

Just, it’s, again, it’s gonna be one of those similar to last time. That basically the credit is to be able to be taken against the employment tax liability. So as the employer has these credits, it can help reduce the income or the, the well, the withholding and the social security tax that you’ve collected that needs to be deposited. It can offset that deposit process. So you can take that credit while you’re doing your payroll per se, that is allowing the employer really to have the funds back in their pocket instead of having to fund the agency. In some cases, you may have credits that exceed that amount and if you’re a smaller employer, you could make use of the form 7,200 to request the early credit. I would make sure that you’re, you know, keeping an eye on that because there are some limitations on the amounts that you wanna take and the potential for exposure and stuff with that.

But then the next step is, is it all gets reported on your Form 9 41 or your other federal tax return for employment tax. So you could be there 9 43 or your 9 44, those items will go on there and are refundable. So if your credit exceeds the amount of tax that you may have reported for, say the quarter, there’s gonna be the similar line items that were out there before we’re gonna be able to report here’s the refundable amount that exceeded the amount of deposits and the agency, you know, with the return, it’s gonna create a refund balance. So it’s all going back on the 9 41. It’s all looking back against the amounts that have been withheld to be deposited to the agency so that those can be reduced. So you get the immediate response and the immediate impact to, you know, payments that would normally go out as well as if they’re in excess of what you’ve had to do over the whole quarter. There’s a refundable item as well.

VANNOY:

Terri, what, what, what about, so, so, you know, we don’t, we don’t lean left or lean, right? We only lean forward into small business, right? So we we’re just here to help small businesses and get the business the best information we can can to, to help them survive in the, in this last 18 months and now grow. But there’s still a lot of businesses out there hurting. And so this is, this is, make no mistake, this is great news. This is a hundred percent tax credit for employees who leave to get vaccinated and have impacts. So this is all good stuff for small businesses, but I think it’s also just a probably a, a reality that if I’m a small business that, you know, maybe I’m a shell of myself from, you know, 18 months ago and I’m barely surviving cash flow. I’m and so maybe I’ve only got five employees, but my rent didn’t go down, my mortgage didn’t go down.

My, my my my bills didn’t go down. That you know, they, they simply writing the check for this leave for the employee who is not on at work performing services, serving customers, generating revenue. The check might bounce. What, what, what about these companies who are, who are really just still trying to survive and coming out of this thing and they’d love to get the a hundred percent tax credit, but they can’t wait, they can’t write the check and then wait for a, a credit they, because the check had bounced. What, what do they do?

KIRBY:

Well for those employers, again, it goes back to that form 7,200 it is available to individuals. What they have to do is they would have to report the amount of the information, you know, for the leave and stuff that they’re requesting. The refund for that form still gets faxed to the i r s. They process that and they turn around and send back in advance. Keep in mind that you need to track that advance. That advance needs to be declared and reported on the form 9 41 when you’re filing. Cuz it goes against, you know, your to it, it, it, it adds, well it subtracts from the amount of your liability cuz you’re gonna be reporting the liability. It reduces it because of that sick leave. But then also because you’ve accepted that refund in advance it is not part of the refund. Again, on the 9 41, you can’t double dip.

So you have to declare that I’ve received this month’s amount in advance. So it would reduce the refundability that you have on your 9 41. But it gets you the, it gets you the fundage that you need turned around as quickly as you can. I know that the agency had it, the, the form is faxed to a specific department and that’s basically what their focus is so that they can help turn around those dollars as quickly as possible to the employer. That is, you know, I can’t make it until <laugh> my July filing of my return and I may not get my refund from my July until, you know, August. So I need it now cuz it’s April, may. I would be able to, one, I take the portion that I can against my current withholding deposits and my social security, Medicare, my employment talk deposits for this payroll, but then I can prepare that 7,200 forwarded and, and the agency will work with us, you know, in that information and then return that information and that refund to us. Now before I file my 9 41, just keeping in mind, you’ve gotta report this information on the 9 41, so you can’t double dip,

VANNOY:

Right? Right. Okay. So last thing on that topic, I I, I remember in in we’re doing all the reading for F F C R A a year ago there were, so you, the, the, the form 7,200 has always existed for an advance request, but there was some language around exemption for businesses that with I can’t remember the exact language, but, but it was, if it was detrimental impact or something along those lines that they, they simply couldn’t do it by providing that leave it, it would’ve been too, too big of a burden on the, on the business. I don’t remember reading any such provision for for the ARPA version here that we’re talking about today. Can can you bring any clarity to that?

KIRBY:

I, yeah, you’re right. I I, the more I’m thinking about it, I, I know that for the most part I believe that there’s still part of arpa I think is assuming that, you know, we’re getting everybody back to work. I don’t, I I know that again, we’re still dealing with other tax credits and such that are out there that may be putting a strain on employers and how they can get it. I know that gosh, let me think. Yeah, I, for, for the most part, I the only, yeah, I know that for this particular piece, the, I don’t know that there’s any other methods of accelerating any additional funding back to the employer. I mean, I know that at one point in time they were trying to do the expansion of the P P P, but they just recently announced that they’ve hit their limits and the cash is gone now, right? So they’re looking at other versions of how to address that.

VANNOY:

So, so here, here’s I think our message to small business owners. I, I think for the most part, most healthy small businesses, you know, this is presumably not gonna impact all, all of your workforce that the one-off employee who needs a a and let, let’s just, let’s just speak practically not legally, right? We all have friends and family, if not ourselves that you know, you know, someone who had to take a day or two because the, the vaccine hit ’em pretty hard, right? My, my wife had a sore arm after her first one, a slight fever that night. She was fine the next day on her second shot. She was down and up for a couple days, right? And we all, so we all know people like that. We probably all know people who never, never felt any impact.

So we’re probably talking, not talking about, you know, millions of employees maximizing 80 hours worth of pay that small business are gonna have to come out of pocket for. We’re probably talking smaller amounts that are gonna, this is gonna be easily absorbable, but in, in the interest of how do we advocate to help small businesses save cash to grow it’s, it’s knowledge, right? And so just know you’re gonna have to keep, because there is not unlike F F C R A where they did provide language that, hey, if, you know, we, we don’t expect you to, to my word’s, not there, not the IRSs, but basically we don’t, we don’t expect you to pay for this leave if it’s gonna put you out of business. That language. I can’t find it <laugh>, and I’ve never, I’ve never stumped Terri before, but I, I think based on today, Terri, I don’t think that language exists. You’re right. Yeah. So I would say the message to small business owners is your, to the, to your very best of your ability. Keep a little bit of a war chest of cash that you for this next, you know, call it five months six months I guess it is for, for, to, to fund this type of leave if, if necessary, right? So it’s probably only a couple days per employee. You might have the one-off case where it’s more than that but just, you know, knowledge is power here,

KIRBY:

Right? And keep in mind too, that the way that the agency has presented this one too, it’s, it’s, it’s similar in the sense that I know that like for the January through March, the F F C R A was no longer a mandate from Fed. You didn’t have to do it. But it was an option to do it. Be aware that different states have jumped in on that bandwagon, especially recently. And they may say, well, fed says it’s a, maybe you don’t have to, but I’m telling you that it’s mandated. So this is the benefit in the sense of being able to take this cuz the Fed has now said, hi, here you go. We’re doing a reset. We’ve got the stuff that’s available. You’ve got states that are saying small business, you know, California, you have to be able to provide this.

It’s a mandate. Well now I’ve got the benefit. I can get coverage and help from the Fed when I’m doing this, but I’ve also managed to make sure that I’ve been compliant with the California requirement, so I’ve taken care of my employees. Yes, it is an expense in that way. And based on exactly the, the response that individuals have had to the vaccine, the thought process is, is that more and more individuals will respond hopefully with not any kind of residual issues, but that they’ll be able to recover. And that will help us to have a healthier workforce and we will have less people needing to go out for covid for other, you know, physical reasons and then, you know, we can get ourselves back to work. And I think that’s what the whole goal of what they’ve provided is trying to drive to.

VANNOY:

Yeah, you know what, let, let, let’s pick that as a spot to wrap Terri. So if, if your head’s spinning, I think is probably appropriate, right? I mean, the ever small business owner is a pretty sophisticated person, but generally su sophisticated in their domain of expertise, right? If you’re a home builder, you know, the ins and outs of, of building codes in, in materials and style and architecture and design. If you’re a, if, if, if you’re a run, run dental practices, you know, everything there is to know about the dental business. But not all, all small businesses understand tax, right in, in the complexities of tax credits the difference between a 9 41 quarterly return and a 9 41 x amended return. So you know, we we’re, our goal here is to inform, to give you the best information you can so you can plan in, in, and ultimately grow your business.

But this stuff is complex and, and this is exactly what we do for, for over 60,000 small businesses. So if you, if you need help you want to maximize your credits, you want to take the best advantage of this, you can. This is exactly what we do for folks and, and we’d love to help you out. The last thing I would say is Terri and I have had conversations in this webinar series around the employee retention tax credit. And so most small business owners know what P P P loans are, the payroll protection program in, I would say the P P P loans first draw of last year, and then second draw this year the largest stimulus that’s ever existed in US history. Yep. But they’ve also sucked all the oxygen outta the room for awareness on what is the second largest stimulus in US history for small businesses, the employer retention tax credit, it’s more complex.

Calculating qualifying wages isn’t necessarily straightforward or easy. You don’t just go to your bank and fill out a P P P loan application. You actually have to file amended returns to get credits. And there’s, and then those returns have to balance out. So again, this is a lot more complex, but we have a program built just for this. So if you go to a short software.com/e rtc, you can learn all about what our program is. So if you’re an existing Asure customer we can help you get the credits. Cause we already have all your payroll data, right? With the, the, by far, the hardest part here is calculating qualifying wages. We have it. If you’re not an Asure customer, we can still help you. So as long as you have last year’s data for 2020, which legally you have to, so we can, we can help you sort all that out and then file these amended returns to still get your, your tax credits that you are eligible for from retroactively to 2020. So if, if you haven’t explored it, please hop on that website and check us out. And with that, until next time, Terri always enjoyed talking to you and thanks to everyone else for joining us today.

KIRBY:

Thank you.