Attention Business Owners

Unfortunately, there has not been much chatter regarding this powerful program for small - medium sized business owners. It is available to all types of businesses across 50 states! The Employee Retention Tax Credit, created as part of the 2021 CARES Act, has become more widely available after updated IRS regulations made the ERC more accessible. The program will provide financial relief for losses incurred during the pandemic.

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Did you have W2 employees during the COVID-19 pandemic?

During 2020, a Paycheck Protection Program (PPP) Loan previously prohibited businesses from applying for the ERC. It only recently became available as of March 2021 to provide economic assistance to small businesses that retained employees throughout 2020 and 2021. Now, businesses may receive BOTH the PPP and ERC, retroactively to March 12, 2020. All businesses that meet the criteria may claim this credit, especially if they took the PPP or other COVID relief, including the EIDL.

How do you qualify?

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For businesses that are accepted, the Employee Retention Credit provides refundable credit for employees working March 12, 2020 - December 31, 2021. Businesses must issue W2’s and file form 941. Self-employed individuals are unable to apply to this program. To qualify for this program, businesses must have either experienced (a) reduction in sales (-50% calendar quarter) or (b) full or partial government shutdown. It is important to note if the full or government shutdown criteria is met, sales may be the same, or higher, without impacting eligibility.  Businesses that started operating after February 02, 2020 may claim ERC for the Recovery Startup Business for Q3 & Q4 20201.

Access to funds is available until December 2022.  Start your application now for the IRS ERC application here!

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