EXPLAINED: Employee retention credit for employers subject to closure due to COVID-19

The CARES Act (COVID-III), which was signed into law on March 27, 2020, provides tax relief that will help certain small businesses with cashflow and liquidity needs, including deferred tax payments and direct payments. It is important to recognize that utilizing other provisions of the law disallows the use of some of these provisions, including the Paycheck Protection Program (forgivable loans).

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Hello. My name is Terry (Ter) Scott. I'm an NFIB rep and offer these informative webinar replays to keep your business viable and ready to prosper now and in the future. These webinars had upwards of 13,000 registrants so I think you'll find them very helpful.

I'm not a political junkie or expert so I am publishing this directly from the NFIB website. If you are not yet an NFIB member, please consider joining today.

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"Several members have been very happy to get the information and have commented that no one has the detail of information NFIB is providing during these times."

I also have a free poster for you at the bottom of this content. I hope you'll consider becoming a member today if you are not yet a member. My contact information follows along with other things you may find of value.

Business Provisions

Employee retention credit for employers subject to closure due to COVID-19.

• The CARES Act creates a payroll tax credit for 50% of eligible wages, up to $10,000 per employee, for 2020 during the COVID-19 pandemic.

• Excess of credit over payroll tax liability is refundable. • Business eligibility – o The business’s operations are partially or fully suspended due to Federal, State, or Local government orders related to the COVID-19 pandemic, or o Gross receipts from the calendar quarter (started on January 1, 2020) are less than 50% of gross receipts from the same calendar quarter in 2019.

• What are qualified wages? o For eligible employers with 100 or fewer full-time employees, qualified wages include all employee wages qualify for the credit, whether the employer is open for business or subject to a shut-down order. The credit is provided for the first $10,000 of compensation, including health benefits, paid to an eligible employee. The credit is provided for wages paid or incurred from March 13, 2020 through December 31, 2020. o For employers with more than 100 full-time employees, qualified wages include wages paid to employees who are unable to work due to the COVID-19-related circumstances Tax Provisions for Businesses and Individuals Visit NFIB.com/Coronavirus 3/27/2020 5:00 PM described above. The credit is provided for wages paid or incurred from March 13, 2020 through December 31, 2020.

• Important caveats: o Employers that receive a Paycheck Protection Program forgivable loan or a Small Business Interruption loan are not eligible for the credit. o Qualified wages do not include wages taken into account for purposes of the payroll credits for required paid sick leave or required paid family leave, nor for wages taken into account for the employer credit for paid family and medical leave (IRC sec. 45S).

• Credit expires on December 31, 2020.

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CARES Act, Delay of payment of employer payroll taxes EXPLAINED.

The CARES Act (COVID-III), which was signed into law on March 27, 2020, provides tax relief that will help certain small businesses with cashflow and liquidity needs, including deferred tax payments and direct payments. It is important to recognize that utilizing other provisions of the law disallows the use of some of these provisions, including the Paycheck Protection Program (forgivable loans).

Hello. My name is Terry (Ter) Scott. I'm an NFIB rep and offer these informative webinar replays to keep your business viable and ready to prosper now and in the future. These webinars had upwards of 13,000 registrants so I think you'll find them very helpful.

I also have a free poster for you at the bottom of this content. I hope you'll consider becoming a member today if you are not yet a member. My contact information follows along with other things you may find of value.

"Several members have been very happy to get the information and have commented that no one has the detail of information NFIB is providing during these times."

Business Provisions Delay of payment of employer payroll taxes.

• The CARES Act allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax through December 31, 2020.

• By December 31, 2022, all employers are responsible for paying the deferred 6.2% Social Security tax on employee wages. Half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022.

• This delay does not apply to employers whose Paycheck Protection Program SBA 7(a) loans – offered through this legislation – are forgiven. (Sect. 1102, or U.S. Treasury Program Management Authority, Sect. 1109.)

• The Social Security Trust Funds will be held harmless under this provision.

Watch these videos which are concise and clearly presented to answer your questions. VISIT HERE.

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Three COVID-19 Webinars and Required Employee Rights Poster; all here, all Free.

Hello. My name is Terry (Ter) Scott. I'm an NFIB rep and offer these informative webinar replays to keep your business viable and ready to prosper now and in the future. These webinars had upwards of 13,000 registrants so I think you'll find them very helpful.

I also have a free poster for you at the bottom of this content. I hope you'll consider becoming a member today if you are not yet a member. My contact information follows along with other things you may find of value.

"Several members have been very happy to get the information and have commented that no one has the detail of information NFIB is providing during these times."

Webinar Recordings now available:

How Small Business, Workers, and Workplaces Should Respond to COVID-19

NFIB COVID-19 Webinar Part II - Congressional and Legal Update for Small Businesses

NFIB Coronavirus Webinar Part III: Financial Resources and Updates for Small Business

There is no better time to support fellow small business owners than right now. Become a member of NFIB. I will walk you through membership enrollment by phone; it only takes a few minutes. Call and leave a message as to the best time to speak with you.

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When we speak, I'll also explain all the benefits of being an NFIB member, and you'll get a receipt immediately in your email.

And also, as my gift to you, I want you to have this free book

and 30 day trial free with Constant Contact.

Just request them when enrolling by phone.

And here's the new poster required by law and presented at no cost to your courtesy of NFIB. (You can print from the image or request a PDF version when you call me to enroll).

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As a Small Business Adviser and Business Resource Consultant, I'm also presenting these "helps". You can simply click on the image for more information or ask me in the comments below.

First, JUST FOR FUN; I've published a book on Amazon and I'm giving away a SAMPLER of several coloring sheets for you to give to your kids, grand kids, and neighbor kids to keep them happily occupied during this serious time.

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Biggest Small Business Organization offers NO COST online webinar about Available Financial Resources to Business Owners.

What is available to you and your business? Find out by using our secured TAX RELIEF site.

Please note, the Coronavirus Tax Relief above is not associated with NFIB.

To register for the Financial Resources Webinar, please continue to read...

Good day. My name is Terry (Ter) Scott. I'm a Small Business Adviser (Coach to many businesses across the country) and Business Resource Consultant (offering a free search service to find anything business related to help your business). I'm also proud to be a Membership Rep for what I think has been the best friend to small business owners for over 75 years; NFIB.

The above webinar is free to anyone who registers regardless if you are a member of NFIB or not; they care about the business owner and the survival of small business like no other organization out there. If you are not currently a member, please consider becoming a member.

You can call me or simply use the Contact Form found on this page. I will tell you everything about what you'll receive as a member and you decide your membership fee; how fair is that?!

HERE'S SOME FREE STUFF TO THOSE ALLOWING ME TO REGISTER THEM AS NEW NFIB MEMBERS...

I don't normally do this but because of the nature of the business climate right now I want to help in anyway I can. So for any business owner who becomes a member I will also provide a free book on how to get more from your email marketing,

Plus, you'll also get a 30-Day trial with Constant Contact.

I'll also let you know when I'm doing a virtual webinar on the subject. This offer ends soon so request details today. (If you are already an NFIB member, let me know your member number, business name and city and state so I can verify and I'll email everything to you!)

As a Business Resource Consultant I'm also offering a free search to small business owners who want to find out what tax incentives and programs are available to them, and also a free search to find out how much monies they will receive per pre-hire candidates when they get back to hiring again (if not now).

To find out, click on the images below to be directed to our secured calculator sites.

And finally, the RxPRIME card is very real and is saving thousands on prescriptions. You can print the image and take it to your next pharmacy visit to save up to 90% on your prescriptions. And if you would like to give out actual business card sized cards, request a full color template with instructions on how you can print them from your office computer.

Just like many business owners who are going the extra mile to assist others in their community and to keep customers happy and returning after this time, I am doing what I can to be creative and helpful to you the business owner. Thanks for all you do and keep up the good work. We will get through this; we will win!

Please click on the images below to visit the safe and secure sites.

Click image to see what tax savings

programs you are entitled to:

Click on the image to see how much you'll save

when hiring your next employee:

Print and cut out this yellow card

and carry with you to use at your next pharmacy visit.

Works at most pharmacies including CVS, Walgreen's and Walmart.

To have your business strive in an economic downturn, one thing you can do is to watch your inventory.

This is the beginning of a series I’ll present on how small business owners can survive an economic downturn and return strong and strive!

Watch your inventories carefully, but don't hold them down so tight that you'll lose
sales. Typically during a slowdown, there is an imbalance between slumping retail sales and bloated inventories -- don't be saddled with leftover merchandise that ties up your cash flow.

One possibility is converting inventories into cash. If your business traditionally stocks 250 units of each of its slowest-moving products, consider cutting that number to 100 each. Monitor the results, keeping an eye out for those products that can tolerate even leaner inventories or that should be eliminated from your stock. This way if sales nosedive, less of your cash is locked into unproductive assets.

The above was borrowed from the SBA site’s article Survival Tips for Managing During an Economic Downturn*

Here are two other steps to take which I would strongly suggest.

Join NFIB

Keep abreast of the issues which pertain to your small business. In my opinion there is no better way than by joining the organization NFIB. In its 75 years of existence it has helped the small business owner get through wars and natural disasters and can help now during this corona “crisis”.

Know what other small business owners in your state and in the country are thinking. Know what laws are being passed, BEFORE THEY GET PASSED so you as an owner can have a real voice in whether or not they should be!

If you don’t have a local NFIB rep walking in your door and asking for your input on the issues, contact me and I’ll be glad to answer your questions and get you started.

Take advantage of Hidden Tax Incentives

During an economic downturn many businesses are looking for ways to increase revenue and sometimes they seek business loans. Before you think that you need to get a loan, why not get monies that you already have; but are “hidden”?

The second step is to see how much money you can recapture with hidden tax benefits. It only takes a moment to see how much this firm can get for you and they don’t take a penny for this service unless they do find you monies and even then they take such a small percentage. So take just a moment right now to click on the image below which takes you to the secured tax calculator and enter a few pieces of data to find out in just moments how they can help.

If you would like to get the next suggestions to help your business strive be sure to "Follow by Email" (somewhere on this page) so you'll get a notification when we publish it.

March ONLINE OFFLINE Business Boosting Product and Service Highlights with Ter Scott.

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with every employee hired. CLICK HERE.

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about how your employees can benefit FREE.

Find hidden monies in your business which are very unlikely and uneasily found

by other firms. We'll help you recapture monies

which will help in paying your taxes this year and other business needs.

CLICK ON THE IMAGE ABOVE and find out in seconds.

Just about every business takes business cards. This is a very unique program where with every transaction made on your credit card terminal we'll pay a portion to a non profit of your choice. CLICK THE IMAGE to watch a short explanation video and if interested in more details, use the "Message Me" at the site to see if your business qualifies and your location is available.

Every business uses email.

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Products and Services for Business offered by Ter Scott at Ask Business Consulting

Here is a list of products and services by Ter Scott at Ask Business Consulting with links to further descriptions. Please be sure to "Follow by Email" so you'll be notified with any updates or informative articles are posted. When you have questions, please use our contact form on the page.

Secret Patron Service and Other Onsite Observing and Coaching

Get up to $9600 for every new hire.

Recapture Tax Savings owed to your business.

Get 60 Days Free with Constant Contact

Ter Scott Speaks for Non Profits at no fee.

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Ter Scott is your Small Business Adviser and Business Resource Consultant and we are continually
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If you would like details on how to become a member or renew your past membership with NFIB, please allow me, Terry (Ter) Scott (NFIB Rep 3A687) to process your membership to ensure that you receive all the benefits available, plus my personal brand of service.

Are you capturing ALL your tax savings this year? With all of the eliminations of the tax deductions when the Tax Cuts and Jobs Act passed, many business owners are now saddled with larger tax payments this year. Use our no-fee tax calculator to see what funds you can receive to offset what you'll have to pay this year. We don't get paid unless we find you money. When we do, we'll share in what we find; usually monies which your tax professional is not aware or doesn't want to bother with.

When you click on the image below, you'll go to our secured website. Enter a few details, find out what we can do for you and your business and take the findings to your tax professional and be certain to get all you are entitled to. Some benefits expire soon so don't wait.

The National Federation of Independent Business will host a webinar to discuss the coronavirus (COVID-19) and the impact on small businesses. Reports of COVID-19 have now been confirmed in more than half of all states. Many communities have declared health emergencies. Employers must act now to determine how to maintain operations during this crisis and keep their workers safe.

Don't get a Business Loan without first doing this; you may have money coming to you!

Business owners are getting loans or trying to get loans

when they are already sitting on top of un-accessed money.

This one is very easy. Just click,

enter a few pieces of data and you'll know in moments

what you can recapture.

CLICK THE IMAGE BELOW.

The tax calculator image below quickly calculates

what you tax savings could be using our exclusive proprietary software

which scans all possible tax savings and incentives for your business.

We earn our fees from what we find for you. If we find nothing, you pay nothing.

Check it out and then take your findings to your CPA or tax professional.

CLICK ON THE IMAGE BELOW.

Don't waste time solving business problems. I've been there, I can help; for "no fee".

Have a business?

Have a “problem”?

THAT'S GOOD!

Ter Scott, Business Adviser is your

business solutions “Answer Man”.

If I can’t solve your situation, you don’t pay!

Do you have a problem? That’s good!

As a Business Adviser and Business Resource Consultant, I offer many services.

The following service may seem quite unusual but it is something where I excel and is within the realm of what I do as a business adviser.

The service which I present here is that of “Problem Solver”.

My background working with many different industries and job types has taught me techniques which gets results; usually sooner than you most likely would without my background and skills. I offer this valuable service to entrepreneurs, business owners and other professional types, regardless of what the situation is and I get paid on results. If I don’t find a solution to your satisfaction, you don’t pay anything.

When I solve your situation to your satisfaction then you’ll pay me what you think it is worth.

For me to consider accepting to solve your situation, we’ll first meet to determine the situation, the proposed time I’ll work on your situation and what your definition of “success” and completion of the situation is. We’ll also discuss the minimal fee you’ll pay if the situation is solved.

If your business is located within a 100 mile radious of Duluth MN/Superior WI I can see you in person or as with most of this type of work, I can assist you via phone.

To have your “Problem Solver” situation considered, please contact me. Let’s get the conversation started.

Ter Scott!

Small Business Advisor, Business Resource Consultant, Life & Legacy Coach™

Are you aware of expanded tax credits and more for your business?

Use the contact form to inquire and get the conversation started.

Before you get a Business Loan, Read this.

You may not need a business loan when you see how you can tap into monies owed you and your business which you just don’t know about.

ASK LLC (All Solutions Known) is my consulting business for business owners. as your Business Advisor and Business Resource Consultant I’m always finding ways for my clients to save money, make money or find money.

Today for business owners with small businesses or large corporations, I will show you how to find money. Before you look for a business loan, I would recommend that you take advantage of monies you already have but you aren’t using because you don’t know they are there. Today, I will change all of that.

But before I talk to you about that, I have something special for you, just for watching this video all the way through… be sure not to miss it. At the bottom of this page is information about my special offer to you as a business owner, and it is absolutely at no fee.

OK, below are two sites to look at immediately after you watch this video.

Click on any of the images below to visit the page and in just a few moments you know if (and how much) money is available.

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So here is your free bonus just for watching this. And I will apologize up front if you are watching this sometime in the future and this offer is no longer available as I’m not sure how long I’ll do this.

I recently learned a simple process from two award winning entrepreneurs that can grow any business, FOR FREE; WITHOUT changing what you are currently doing. If you’re interested we can have a quick chat about it. You never need pay me, or them, or anyone else, a penny for this.

It doesn’t take any money at all and it’s especially for those struggling, overwhelmed and working too hard in their business.

This is part of a mission to lower the sky high business failure rates. So if you want to grow your business without spending a penny and by working LESS, get in touch.

(Inquire using the contact form on this page).

Ter Scott! Business Coach and Resource Consultant

Smart Business owners offer free RX Discount card to employees and customers.

I'm all about business owners saving money being able to help their employees and be "value added" to their clients and customers.

One great service which I personally use is the RXPrime card. It really works in saving up to 90% on pharmacy purchases.

The card below is real; it works. Print it and take it with you on your next pharmacy visit.

It is something free which you can give to each of your employees which they will certainly appreciate. With the RXPrime card they can save up to 90% on pharmacy visits. If you’d like to get a pdf of a full page “business card” sheet (fits Avery 8471) that you can place your own message on the reverse side and print on your office computer, let me know. I’ll email it to you. For now if you only want a few, simply print the image, cut and fold to carry with you to your next visit. (The full sheet template will have a front and back but you can just use the front and create your own reverse side with your own information and not use the reverse side I supply).

Left click image with your mouse to enlarge. Right click with your mouse to copy. Paste in a word type document, cut, fold and use.

Print this image; it's ready to use. Try it then place your comments below.

Like this idea? Be sure to "Follow by Email" so you won't miss the next SMART BUSINESS IDEA.

Want the PDF to create your own business cards with this on the reverse side? Just request it using the Contact form on this page.

... a simple process that can grow any business, FOR FREE; WITHOUT changing what you are currently doing.

It doesn’t take any money at all and it’s especially for those struggling overwhelmed and working too hard in their business.