Employee Retention Tax Credit
The Employee Retention Credit (ERC) is a Payroll Tax Credit designed to reward businesses for retaining employees during COVID-19. The credit was initially signed into law March 2020 as part of the CARES Act. The credit was later expanded upon with the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in June 2021.
Business Owners can receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excluding the 4th quarter), in 2021 for qualified wages. This can total up to $26,000 per employee.
To find out if you qualify: davidallencapital.com/taxcredit/102589548
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