Congress introduced the the Employee Retention Credit (ERC) as part of the CARES Act as a refundable tax credit designed to help businesses affected by the pandemic.
Unlike a loan, the ERC is a grant that you’ll never need to pay back. Already received PPP? No problem - you may still be eligible to receive the Employee Retention Credit. Have any questions? Keep reading or contact us today.
If you have 500 or fewer employees and your business was hurt by COVID-19, there's a good chance you qualify. Some of the ways you can qualify include (but are not limited to):
Changes in business hours
Suspended operations
Supply chain shutdowns
Reduction in services provided
Other significant changes to your business
Tax refund up to $26,000 per employee.
ERC available for 2020 and first 3 quarters of 2021.
Funds are available for a short period.
Eligible businesses must have faced Covid-19 difficulties or experienced reduced revenue.
No funding limit for the program, ERC tax credits don’t need to be repaid.