The Employee Retention Credit, Explained.
Think of the Employee Retention Credit (ERC), as a cash rebate from the IRS. For businesses that survived through COVID, it is almost like a reward for not giving up. As far as what it is – it is cash in your pocket – like a personal tax return for your business.Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each employee on their 2020 payroll, and up to $26,000 in refundable credits for each employee on their 2021 payroll.
The Employee Retention Credit (ERC) was initially passed under the CARES Act, the substantial COVID-19 government stimulus bill, to reward business owners for retaining employees throughout the COVID-19 pandemic. These are payroll tax credits that could mean big payouts for a majority of business owners.
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Think of the Employee Retention Credit (ERC), as a cash rebate from the IRS. For businesses that survived through COVID, it is almost like a reward for not giving up. As far as what it is – it is cash in your pocket – like a personal tax return for your business.Apply For ERC Now