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Employee Retention Credit
Employee Retention Credit
COVID-19 has been a challenge for all of us. As the world shut down the economy came to a halt, leaving the future of many businesses in a precarious position. As we begin to find normalcy again, businesses now have to focus on recovering unfortunately several government programs are using this process.
One such program is the employee retention credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during this challenging time. Due to the extremely complex tax code and qualifications, it is severely underutilized.
Available for 2021 Q1-Q3 of 2021
Qualify with decreased revenue or Covid event
No limit on funding (ERC is not a loan)
ERC is a refundable tax credit
Get up to $26,000 per W2 employee
ERC qualifications:
ERC qualifications:
Full or partial suspension of business operations:
Full or partial suspension of business operations:
A government authority required partial or full shut down of your business during 2020 or 2021. This includes your operations being limited by commerce, supply chain interruptions, inability to travel, or restrictions of group meetings.
Gross receipts reduction:
Gross receipts reduction:
Gross receipt reduction criteria are different for 2020 and 2021 but are measured against the current quarter as compared to 2019 pre-Covid amounts.
While the general qualifications for the ERC program seem simple, but the interpretation of each qualification is very complex. Our experience allows us to ensure we maximize, any qualifications that may be available to your company.
If you’re interested to see whether or not your business qualifies for the ERC tax credit please fill out the form below and we will be in touch ASAP.
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