Employee Retention Credit Program
Qualification information & eligibility:
Companies with up to 500 employees
Need to show a reduction of 20% in gross receipts from 2020 compared to 2019 (on a quarter versus quarter comparison)
Credits up to $33,000 per employee!
PPP Loan #1 or #2 can claim the ERC credit!
Can receive advanced payment versus tax credit
Now that PPP has officially ended, many small businesses still need assistance.
As part of the CARES Act and subsequent bills passed in Congress, there are programs available to help!
Business owners who have been impacted by COVID-19 may claim this refundable tax credit for each employee retained from March 12, 2020 through December 31 2021. The ERC rules were recently expanded at the end of 2020 to include many more businesses and offer incentives to business who have retained employees.