THE FEDERAL GOVERNMENT ESTABLISHED THE EMPLOYEE RETENTION CREDIT (ERC) TO PROVIDE A REFUNDABLE EMPLOYMENT TAX CREDIT TO HELP BUSINESSES WITH THE COST OF KEEPING STAFF EMPLOYED DURING THE PANDEMIC.
THE EMPLOYEE RETENTION CREDIT IS AVAILABLE TO BOTH SMALL- AND MID-SIZED BUSINESSES. IT WAS SIGNED INTO LAW ON MARCH 27, 2020, AS PART OF THE CARES ACT. THE BILL WAS SIGNIFICANTLY EXPANDED IN 2021.
BUSINESS OWNERS IMPACTED BY COVID-19 CAN CLAIM UP TO $5,000 IN REFUNDABLE TAX CREDITS FOR EACH EMPLOYEE ON THEIR PAYROLL IN 2020 AND UP TO A $7,000 CREDIT PER QUARTER (EXCLUDING Q4) FOR EACH EMPLOYEE IN 2021.
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