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Business Insights

Can I still File for ERC? Has the ERC Filing Deadline Passed?

Harold Lichtenstein
5 minutes to read

What you need to know following Tax Day 2024. 

While the Senate continues to debate the bill that could alter ERC program filing deadlines the existing deadline for ERC claims on wages paid in 2020, of April 15, 2024, has now passed.

What does this mean?

While businesses can no longer file ERC claims for wages paid in 2020, under the existing guidance, they can continue to file claims for wages paid in 2021 until April 15, 2025.

What happens if the Senate and President Pass the bill to end ERC?

If the Senate and President pass the bill that would end the ERC program early, the date identified in the final bill would supersede existing program deadlines. The bill currently cites a January 31, 2024 deadline, which corresponds with the date the House voted to approve the bill. However, the Senate has yet to address the bill and we are now well beyond the January 31 date included therein. If passed, it is unclear whether the date would be altered to reflect the passage of time between the bill introduction date and the bill passage date.

While the outcome is uncertain, there may be a brief grace period to allow business owners to continue to file for ERC after the bill is signed into law. Alternatively, it is possible the bill would retroactively end ERC, voiding any claims filed after January 31.

Can I still file for 2021 ERC?

Yes, until the bill is passed, groups like NEWITY continue to operate based on the existing program guidelines. These guidelines allow businesses to submit ERC claims for eligible wages paid in 2021 until April 15, 2025. 

How much ERC can I receive now that I can only file for 2021?

Businesses may receive up to $21,000 per employee through 2021 ERC claims. This is only slightly reduced from the 2020 and 2021 ERC claim maximum of $26,000 per employee.

What should I do now?

If you’d like to evaluate whether you qualify for ERC for any wages paid in 2021, submit NEWITY’s brief ERC application by creating or logging into your NEWITY account. The NEWITY ERC team continues to be focused on eligibility evaluation and precise calculation of ERC claims. 

Given the complexity of the credit calculations and the potential pending legislation, the NEWITY team encourages you to file as soon as possible. 

Submit your ERC Application Today

To qualify for an SBA 7(a) small business loan, your business must be:

  1. U.S.-based and operated
  2. Owner supported / owner funded
  3. Eligible per the SBA’s requirements

Your loan amount will determined by the business’ average annual revenue, FICO score, and years in business