How Lyft & Uber Drivers Can Get $5,000 With The Employee Retention Credit (ERC)!
Channel: The Rideshare Guy
Date: 2020-11-10

Click to see if you qualify for $5,000+. Program ends Dec 31, 2020: https://therideshareguy.com/COSYT
Unemployment benefits are drying up but there are other ways that rideshare drivers can get assistance. This comes in the form of grants Uber and Lyft drivers and loans for Lyft and Uber drivers. With the economy needing more activity there are programs coming out that are designed to help small businesses. As rideshare drivers, many of these we qualify for. These are either sba grants for uber drivers and lyft drivers or sba loans for uber drivers and lyft drivers. If you're willing to do a little applying, the door is open to get more money. That's why in this video, senior RSG contributor Joe goes into How Lyft & Uber Drivers Can Get $5,000 With The Employee Retention Credit (ERC). This video has been produced by The Rideshare Guy.

Qualify for the credit but can't pay COS' fee up front? Check out Credible -  http://therideshareguy.com/credible 

With Credible, you can get a short term loan, for example, for $1000, which would cover all of the fees associated with getting your Employee Retention Credit. Even at 10% APR, for 4 months (the expected amount of time you may have to wait to get our check), that's only $33 to get a $3,400 credit (the amount with COS fees paid).  http://therideshareguy.com/credible

ERC videos:
https://www.youtube.com/watch?v=ioFoxXHdqXA
https://www.youtube.com/watch?v=yhfets1FJ2Q&t=2s
https://www.youtube.com/watch?v=PqQ12NQCAUU
https://www.youtube.com/watch?v=UGlRMv_Y7Y4&t=1s

RSG Article: https://therideshareguy.com/employee-retention-credit/

What is the Employee Retention Credit (ERC)?

The Employee Retention Credit (ERC) is a tax credit designed to help small businesses recover from the impacts of the pandemic on their business. The ERC is NOT a loan, it is a tax credit, meaning that it does not have to be repaid.

How Much Can I Claim with the ERC?
The Employee Retention Credit pays out 50% of an employee’s income, up to $5,000.Say you have made $8,000 this year: You can claim $4,000 for the ERC.  If you made $16,000, you can claim $5,000, because that is the highest it will pay out, even though it’s less than half of your income.

The ERC is paid out per employee. For those who have a spouse and children, there are additional credits that can increase the refund amount if certain criteria are met. This will be explained more below.

When we first heard about this offer, it honestly sounded too good to be true, but it’s one of the provisions that was buried deep in the CARES Act, and not many people or tax firms know about it. COS has already helped over 1,000 folks claim this credit, so they know what they are doing.

If you would like to try to claim the ERC credit yourself, you will still need to set up an LLC (processes, fees and taxes vary by state), track and detail your income for the year, file your Q4 Taxes for your business and file, sign, and attach a 941 Form. Once you send that to the IRS, they may take a few weeks to process and get back to you regarding errors that you will need to fix.

Since we only discovered this credit recently, I don’t recommend the do it yourself approach here since you want to make sure you get it right on the first time and get your paperwork in ASAP. I have a feeling that this credit could become very popular and tougher to get if more people find out about it.

How Do I Know if I Qualify?

The IRS will be looking for key factors to make sure you qualify for the ERC, and these can include:

Was your job impacted by COVID?  This can include local governmental restrictions, earning less this year than last year, or disrupted operations (keeping 6 feet from clients). How many weeks worth of unemployment you took.  Taking unemployment does not automatically disqualify you from receiving the tax credit, but it can impact it.

Did you receive the Paycheck Protection Program (PPP) loan?  Unless you have already set up an LLC, this won’t be anything to worry about. If you did set up an LLC, and received PPP funds, you are disqualified from the ERC credit as well.

How much have you made this year?  Despite what you might think, the more you have made, the better. As stated above, this credit will pay out up to $5,000 if you have made $10,000 or more. So try to keep track of all the 1099 income you have made this year.

When Will the Money Arrive in My Bank Account?

The wait for the check to come is the worst part about the ERC. COS Accounting customers have received their tax credit around 14 weeks after applying, and with the rush of people applying before the credit expires, it could take even longer.

If you would like to receive your money sooner, you need to apply as soon as possible.

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