The aim of the Employee Retention Tax Credit (ERTC), also known as the ERTC, is to assist businesses that have been adversely affected by the COVID-19 pandemic. This federal tax credit is meant to offer support to employers who have been compelled to close due to government orders or who have experienced a substantial decrease in their gross receipts. Through the ERC Services, businesses can receive a refundable tax credit that amounts to as much as 50% of the wages they have paid to their employees, with a maximum of $10,000 per employee, during the period of economic hardship caused by the pandemic. Depending on the size of their workforce and the wages they have disbursed, there are additional credits accessible to businesses. The Employee Retention Tax Credit is a crucial provision of the CARES Act, also referred to as the Coronavirus Aid, Relief, and Economic Security Act, as it has been specifically designed to help business owners retain their employees and sustain their operations amidst these challenging circumstances.
May face closure as a result of a government mandate or have witnessed a substantial drop in their total earnings in the years 2020 and/or 2021
Must have provided regular wages to their workforce during the period of financial difficulty
Must have submitted a legitimate request for the Employee Retention Credit (ERC)
May face closure as a result of a government mandate or have witnessed a substantial drop in their total earnings in the years 2020 and/or 2021
Must have provided regular wages to their workforce during the period of financial difficulty
Must have submitted a legitimate request for the Employee Retention Credit (ERC)