Employee Retention Credit
Employee Retention Credit (ERC) – Benefit; Offers a refundable Payroll Tax Credit for businesses that were materially impacted by Covid-19
Post American Recovery Plan (March 2021 Stimulus), businesses now may take BOTH Paycheck Protection Program (PPP) loan forgiveness and apply for the ERC. Prior to this it was either one or the other
The credit is calculated based on wages paid from March 12th, 2020 to October 1st , 2021, as well as healthcare costs covered during that period
May NOT double count any wages that were used to apply for PPP loan forgiveness
Other eligible expenses include: • Healthcare costs paid for employees
