FranPro
Whether you are a franchise company, franchise broker or other professional in the franchise space you will find solutions to the biggest challenges we all face around developing your brand, processes, profitability, marketing, leads and sales processes.
FranPro
Receive ERC Refund up to $26K Per Employee, No Upfront Costs and Never Needs to be Repaid
These ERC refunds can be claimed with no out-of-pocket expenses on your part.
https://Franpro.vip/GoBottomLine – Claim Your Refund for Free
Welcome to FranPro Resource Podcast. If you would like to access our most recent content and to receive updates, you can register here: https://franpro.com/
Contact us here Anything@FranPro.com if you:
- Want help finding a franchise
- Would like to be featured on our program
- Would like help producing or want a podcast produced for you
- Are a franchise company and want access to our free ROI Tracker dashboard
In this episode, Lance Hood of FranPro Interviews Michael Glick, an executive with BottomLine Savings. Michael Glick is an incredible resource for any franchise organization. If you would like to claim your refund go here: https://Franpro.vip/GoBottomLine
Bottomline Savings has helped their 40,000+ clients recover $6 billion with no upfront cost. After a brief conversation and document upload, expect a refund in 5-7 months. This never needs to be repaid.
Businesses with 5 to 500 W2 employees in 2020 or 2021 will likely qualify for an average ERC credit refund of $8K to 10K per employee with a maximum of $26K per employee.
Biden's expanded rules make 85% of businesses eligible. The IRS urges action before the program ends. Bottomline Savings is partnering with Kevin O'Leary, Tony Robbins, and others to help spread awareness to business owners.
Lend your ears to an intriguing conversation with Michael Glick, an executive at Bottom Line Savings, as we uncover the potential goldmine that is the Employee Retention Credit (ERC) program. It's a must-hear for businesses of all sizes, as Michael demystifies the process of applying, tackling eligibility criteria, and maximizing reimbursements – a possible $26,000 per W-2 employee. Imagine being able to recoup COVID-19 related costs and ensure your business thrives even in these challenging times!
Moving forward, we tackle some common misconceptions about the ERC program, and delve into the changes implemented by the Biden administration to make it more accessible. Curious about how long it takes to receive a reimbursement? Michael offers insights on the typical timeline and also shares some stellar success stories from their firm. Having helped nearly 40,000 businesses recover over $6 billion in ERC refunds, they know their stuff! We also chat about the firm's noteworthy partners, Kevin O'Leary, Mr. Wonderful from Shark Tank, and motivational speaker, Tony Robbins. It's a packed episode full of nuggets of wisdom to weather the COVID-19 storm. Tune in and let us help you navigate the road to recovery.
Contact us at Anything@FranPro.com if you:
- Want help finding the right franchise for you
- Would like to be featured on our program
- Would like help to produce or want a podcast produced for you
- Are a franchise company and want Free access to our ROI Tracker dashboard
*Some of the companies we interview compensate us a commission if you purchase something.
Welcome everybody. Today we have Michael Glick, who is an executive with Bottom Line Savings. Michael, welcome to the call. Thank you very much. So this is an important call. I really want every company to have a chance to listen to this one. I want to get this straight. The government is reimbursing everyone every business up to 26,000 for every W-2 employee that they were paying during COVID, but the average is around 8,000 to 10,000. And you don't want to have somebody who just tries to push the maximum because that's a good way to have it rejected correct?
Michael Glick (BottomLine Savings):Yeah, absolutely so. The employee retention credit program. It comes out of the CARES Act, the same as the payroll protection program, and originally you could only have one or the other, either PPP or ERPC. But when Biden came in, his administration made major changes in 2021, really opening up this program to almost all businesses, and if you took PPP previously or if you were an essential business, you could still qualify. And yes, it's up to about $26,000 per employee. The average is about 8,000 to 10,000, based upon the factors of your business.
Lance Hood (FranPro):Right, and so if somebody is just like let's just apply for 26, that could end up causing you to not actually get what you're looking for. So you want to work with people who understand the rules and help you get your maximum reimbursement for the money that you put out during COVID, but not push it to where you shoot yourself in the foot, correct?
Michael Glick (BottomLine Savings):Yeah, absolutely. It's a real program that requires a careful, detailed analysis and there are several factors that come into play to understanding exactly what a business will qualify for, and it's super important that you're choosing a reputable firm that is not promising you the most, but promising you exactly what you qualify for, and to make sure that it's done absolutely legally, ethically and conservatively to avoid any possible future audit.
Lance Hood (FranPro):Right, so this is something that the franchise if you're listening, if you're a franchise company, corporate can apply for it. The franchisees that meet these requirements can all apply for it, or really anybody listening who you guys work with, people who have at least five W2 employees that they were paying during that time, correct?
Michael Glick (BottomLine Savings):Yeah, absolutely. The program is meant for five W2 all the way up to 500 W2. And it's really any business that either had a specific revenue decrease during the time period or had to make changes due to government orders. And again, any business with W2 employees can be eligible for this, assuming they meet those two criteria.
Lance Hood (FranPro):And is there any other confusion around this program that people have experienced why they haven't applied for it or whatever? Because it's really just reimbursing you for the losses that you went through. It's what it is. Is there any confusion? That you found people that haven't applied for it yet, or maybe they don't even know it exists.
Michael Glick (BottomLine Savings):Yeah. So less and less people don't know about the program because there's a lot of information out there, but along with this information there's a lot of misconceptions. There's also a lot of CPAs and accountants that are advising clients that they don't qualify because they don't have the necessary revenue decrease. And that happens either because one they're not aware of the change in legislation. The goal of the Biden administration was to say let's get as much stimulus into the hands of business owners as possible to help them recover from the pandemic. But it's either they don't know about the change in legislation or they might be uncomfortable with the subjective nature of the new qualifier. The new qualification based on change in operations due to government orders is based upon the facts and circumstances of how a business had a more than nominal change to their operation due to government orders, and it's our job to make sure that a client understands exactly how they qualify due to this change in operations.
Lance Hood (FranPro):Right, and so you might actually have some pretty big clients that you've done this for. I know you've done this for other franchise companies, but you've also had some pretty big name people that are working with you and telling people about it on your behalf.
Michael Glick (BottomLine Savings):Sure. So listen, our history. We started in 2009 in New York City. We're now in Miami, florida. Our original focus was on Fortune 500, 1000 companies some of the biggest companies in the world and we helped them with all areas of government aid, tax recovery work and cost savings analysis. But in early 21, we found ERC. It represented a great opportunity to help small businesses. We've just, you know, we're just under 40,000 businesses that we have submitted for and filed for. We have recovered a little over 6 billion in ERC refunds for our clients and, at the same time, we have brought on some really major partners that have helped us spread this world word about. You know, our motto is to help American businesses reinvest in themselves. So you know, recently you know, such as Kevin O'Leary, mr Wonderful from Shark Tank, as well as Tony Robbins and lots of other great people that are helping us put this word out, and our mission is to reach as many businesses as possible.
Lance Hood (FranPro):Right, and you didn't think you could find anybody bigger than those guys until you met me Exactly.
Michael Glick (BottomLine Savings):Lance can I hear that the difference between bigger and we love it.
Lance Hood (FranPro):All right. So what is the sorry? So what is the timeline that it takes to do this, file this and actually get a return?
Michael Glick (BottomLine Savings):Yeah, so, you know, once you get to us right and I know, lance, I'd be sharing a link very simple you go onto the link. It has a tremendous amount of information about ERC and bottom line. You're signing up for a call with one of our expert advisors. The call is free. It takes, you know, 10 to 15 minutes. It's all in an effort to understand your business and how you would qualify. Once you sign on with us, it takes us anywhere from two to four weeks to collect your documentation we submit to the IRS. The IRS takes about three to six months to process and then they send you funds directly to you. Our entire process is done on a contingency fee basis. There's absolutely no cost out of pocket and we don't get paid until you get your funds from the IRS. So it's a very simple process, but it's a very detailed process and we must collect the correct information as it is a serious IRS file.
Lance Hood (FranPro):Right, so your total timeframe might be five to seven months to apply?
Michael Glick (BottomLine Savings):Yeah, mostly because of the delays with the IRS. They are, you know, processing thousands, if not millions, of these, you know, erc filing requests.
Lance Hood (FranPro):Right, and is there anything that people can do on their side to kind of speed up the process? You know that initial part, yeah.
Michael Glick (BottomLine Savings):Once you sign on with us, we're going to provide you with a portal and an onboarding of specialists. It's going to help you through the process. The sooner we get the documentation. It's not really challenging. A simple questionnaire that we provide for you your 941 payroll tax returns, your payroll journals for the quarters that we're looking at, your revenue reporting for 1920 and 21. Pretty simple, it's about an hour total of work, maybe sometimes a lot less if you have everything available to you on, maybe, your payroll specialist dashboard Dashboard. So again, the quicker we get that information, we quicker we get it back to you and we get it submitted to the IRS.
Lance Hood (FranPro):Right. So 5W2 employees during COVID. This is contingency, so people are going out of pocket not out of pocket in any way you know for you to help them. Basically, around five to seven months they could get their refund and that refund is, on average, 8 to 10,000 per W2 employee, but up to 26,000 and that's from five to 500 W2 employees.
Michael Glick (BottomLine Savings):Absolutely yeah. And listen, almost 85% of all businesses out there will qualify. Of course, we have to make sure they do qualify, but there's really no limit on this as far as you know your business and how you were affected in some way negatively due to the COVID, you know pandemic. What's the cutoff date for this? So we can file for 2020, there are three quarters quarters two, three and four up until April of 2024. And we can file for 2021, there are three quarters one, two and three, one and two being the most prevalent quarter. Three is only done on a revenue decreased perspective as most of the government orders were lifted by the time we got to the end of that quarter of second quarter. But again, april of 2025, we can file for 2021. So there's about a little less than a year for 20 and a little less than two years for 2021.
Lance Hood (FranPro):Excellent. Well, just like Michael said, If you go here, https://Franpro. vip/GoBottomLine and get signed up, it's about an hour's worth of work and they can get started on processing this for you. I just thought that this was a great way to help people put that money back in their business that they had lost due to COVID. It's out there, you know, if you, if you don't apply for it, you're not going to get it. So it seems like a great way to have some capital to reinvest in your company. Anything else you'd like to add, Michael?
Michael Glick (BottomLine Savings):No. Again, you know, if you have any questions or trepidations or confusion about that is the purpose of the call with the advisor to really answer any of those questions. And again, this is something as a business owner you are entitled to. The Biden administration made it very clear that business owners can get these funds on, just just to kind of bring up the announcement they made on January 26 of 2021. The first line couldn't sum it up any better the Internal Revenue Service urges all businesses to take advantage of the newly expanded Employee Retention Credit, making it much easier for all businesses to qualify. Not my words, the words from the IRS directly. If you haven't looked into this, absolutely 100% you should. This is a payroll refund. Never needs to be paid back. There are no restrictions on how you can use the funds.
Lance Hood (FranPro):All right, perfect. Thank you, Michael. I just appreciate you taking the time to help everybody and help all the listeners. Thank you again. Absolutely Thank you.
