Frequently Asked Questions
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The Employee Retention Credit is a tax credit designed to help eligible employers keep their employees on payroll during the COVID-19 pandemic. The ERC is part of the CARES Act and is intended to provide financial relief to businesses that have experienced a significant decline in revenue due to the pandemic.
To be eligible for the ERC, employers must have experienced a significant decline in gross receipts compared to a prior period, or have experienced a partial or full suspension of operations due to a government order related to COVID-19. Additionally, eligible employers must have fewer than 500 employees, and must have continued to pay employee wages during the eligible period.
The amount of the ERC varies depending on the size of your business and the wages paid to your employees. For 2020, the ERC is worth up to 50% of eligible wages paid, up to a maximum credit of $5,000 per employee. For 2021, the ERC is worth up to 70% of eligible wages paid, up to a maximum credit of $28,000 per employee.
Yes, you can claim the ERC even if you have received other forms of COVID-19 relief. However, you cannot claim the ERC for wages that have been paid for with PPP loan proceeds that have been forgiven.
We specialize in helping businesses maximize their ERC funding. To see if you qualify, fill out this short form. It only takes about 3 minutes to find out if your business may be eligible to receive the Employee Retention Tax Credit.