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EMPLOYEE RETENTION TAX CREDIT
WHAT IS ERTC?
Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) under the CARES Act is a refundable tax credit that encourages businesses to keep employees on their payroll. Game-changing updates to the ERTC were finalized by the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in March 2021.
What Can you Claim?
Companies that received PPP loans may now also claim the ERTC. Additionally, nearly every aspect of the credit has been liberalized and extended through 2021.
Companies qualify for the ERTC if they (1) had a decline in quarterly revenue, or (2) were fully or partially shut down due to governmental orders, or (3) began a new trade or business with less than $1 million in average annual revenue.
What’s it Worth?
For 2020, the ERTC is worth up to $5,000 per employee per year. In 2021, companies can now get up to $7,000 per employee per quarter.