Troy Hyde, owner and CEO of LG Resources, didn’t think his business was eligible for the Employee Retention Credit (ERC) because he had too many employees. Thankfully, he was wrong!
After talking to the right experts, Troy was blown away by the amount LG was eligible to receive. Best of all, you too may be eligible for up to $26,000 per employee.
See what Troy has to say about his experience with this incredible tax credit!
Transcript:
Hey everybody, it’s Troy Hyde from LG Resources. I just wanted to share a little story with you about my experience with the Employee Retention Credit.
It’s been a little bit now, but [in 2021] we were looking into different credits. We had received our PPP loan our first round and we were looking into disaster relief. We had seen others and tried to get this particular one.
The people who told us about the Employee Retention Credit said that we could not qualify based on the sheer fact that we had more than 100 employees. We payroll 20,000 a year, so I thought there’s no way we could qualify, so I did not look at that one any further.
The laws changed. They bumped it up to under 500 employees. I still didn’t feel like we would qualify, so I put it off for a little while longer.
About three months after that, I got contacted by a really good group that we now have a personal relationship and that we’re actually now partners with. They said, “Hey Troy, we can get a credit for you. We look at qualifying wages if you’re over that 500 amount, and we understand that space a little better than others. The reason why is that we work directly with the co-author who actually presented this before Congress, so let’s take a look at it.”
So I said, “That’s fine, let’s do this,” and I forwarded my documents. That part was super easy. I had already put together PPP. They were looking for payroll details, 941s from 2019-2020, and so I submitted all those things over.
And within about seven days, I got a call from the tax credit specialist, and she said, “Hey Troy, we’ve got you a little over five million dollars in tax credits that we’ve amended or that we need to amend, and then you’ll be receiving an additional one and a half million to three million dollars for future quarters.” Which was mind-blowing!
So I quickly did what most of you would do. I called the attorney, and they looked at our case and looked at our numbers to make sure that this is valid. I talked to the CPA, and the data validated everything. I went and did my due diligence. Through that due diligence, I found out that yes, we did qualify. I would have never gotten this because of the misconceptions that I had in my mind about the credit.
So now that that got me excited, I do this quite often. My internal staff will say I drive them crazy because I’m always bringing new projects, but I quickly signed a partnership with this group. We have thousands of relationships with great companies, great business owners, and what I’ve come to find out is that they don’t even know that they can qualify for this.
So we’ve been very active putting dozens of these deals on every single day, and now we’re in the hundreds of deals that we process or begin to put in the process of this. We’re looking for more. We’re looking for other great business owners to help out.
I’m a walking testimony that you can get approved even if you are over 500, if you’re under, if you’ve had some type of disturbance, or you’ve had a partial suspension. Which most of us had based on government mandates, especially in, you know, the state that we’re in. Most states did get those same mandates, so there is a way to get qualified.
Come check it out! Come talk to us! We’ll help you through the process.
ARE YOU ELIGIBLE FOR THE ERC?
Don’t assume you can’t qualify for the Employee Retention Credit! Take our quick assessment to see if your business is likely to qualify. After that, you can book a 15-minute phone call with one of our ERC tax credit experts to learn how to start the qualification process.
