SouthState's ERC Assist Program

Your Business May Qualify for a Refundable Tax Credit

SouthState is proud of its long history of assisting businesses with their financial needs. Whether it is financing business expansion or equipment purchases or lending much needed funds through the Paycheck Protection Program, we are always here to help.

SouthState wants you to know that your business may be eligible for a refundable tax credit of up to $26,000 per employee through the Employee Retention Credit (ERC), subject to certain conditions.

Employee Retention Credit (ERC)

Eligibility

The Employee Retention Credit (ERC) was created by the Coronavirus Aid, Relief and Economic Security (CARES) Act2, passed in 2020, to encourage employers to retain employees during the COVID-19 Pandemic in 2020 and 2021, by offering a refundable tax credit up to $26,000 per employee.

Recently, the ERC was expanded, as part of the Consolidated Appropriations Act, 2021 (‘the Act’), to include businesses previously ineligible to qualify for the ERC, since they previously received loans under the Paycheck Protection Program (“PPP”). These businesses can now receive retroactive and current ERC benefits. Companies, tax-exempt organizations, colleges and universities, and entities providing medical or hospital care are now entitled to ERC benefits in 2021, if they experienced a significant decline in gross receipts or sustained a full or partial suspension of operations due to orders from an appropriate governmental authority related to the COVID-19 Pandemic.

The IRS recently announced a pause in processing Employee Retention Credit applications. This allows for safeguards to be implemented to the ERC program to ensure the integrity of the applications and funds being provided. During this period, SouthState will continue to assist businesses with preparing applications for the ERC tax credit.

Learn more about the ERC Program

Qualifications2

If your business experienced a significant decline in gross receipts during 2020 or in the first three quarters of 2021, and you were able to keep your employees on the payroll during those periods, you could be eligible for a refundable tax credit of up to $26,000 per employee. This may be in addition to any funds received through the Paycheck Protection Program (PPP) loan2 from the Small Business Administration.

Why Choose SouthState to Assist You?

Since we first opened our doors many years ago, SouthState continues to be dedicated to helping our customers with their banking needs. We are a trusted, well-respected, federally regulated financial institution, which is committed to maintaining your privacy and security. We serve more communities than ever before. In fact, we're one of the leading regional banks in the Southeast.

When you choose ERC Assist to help you apply for the refundable tax credit, our service fee is fair and disclosed at the beginning of our relationship with you.

In addition, we are proud to have provided thousands of PPP loans to many businesses in need during the COVID-19 Pandemic. We remain appreciative of the confidence our business clients placed in us throughout the PPP process.

Coronavirus Economic Stabilization Act, 15 U.S.C. § 9000 et seq., as amended.
Wages reported as payroll costs for PPP loan forgiveness or certain other tax credits cannot be claimed for the ERC in any tax period.
This ad reflects a summary of the ERC program and is not intended to include all terms and conditions. For a full description of the ERC program, please visit the IRS website at https://www.irs.gov/coronavirus/employee-retention-credit. Please consult your tax advisor or legal counsel regarding program eligibility.

Business Tax Credit

Your Business May Qualify for a Refundable Tax Credit

Employee Retention Credit (ERC)

Eligibility

Qualifications2