Recover Up To $26,000 Per Employee As A Payroll Tax Refund
The Employee Retention Credit (ERC) was approved under the CARES Act for employers affected by the COVID-19 pandemic as an inducement to keep their employees on the payroll and off of unemployment compensation. The ERC is a refundable tax credit per employee by an eligible employer. You can receive up to $26,000 per employee!
The ERC was not widely used until March 2021, when updated IRS regulations made this type of COVID-19 relief more accessible. In short, thousands of businesses who once picked between the Paycheck Protection Program (PPP) and ERC can now possibly use both, by amending their Quarterly Form(s) 941.
If you have any questions about the ERC and whether your company is eligible, please contact your CPA or tax advisor.