ERTC (Employee Retention Tax Credit)
About the Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act created a new employee retention tax credit for employers who have been closed, partially closed, or experienced significant revenue losses due to COVID-19.
- Private employers, including non-profits, carrying on a trade or business in 2020 that:
- Have operations partially or fully suspended as a result of orders from a governmental authority due to COVID-19, or
- Experience a decline in gross receipts.
- Having Less than 100 employees in 2020 and less than 500 employees in 2021.
How Much is the Tax Credit?
Businesses get up to $26,000 per employee. Employee Retention Tax Credit is a refundable tax credit against the wages paid:
50% of the first $10,000 paid to employees during 2020 and,
70% of wages paid in 2021 per quarter per employee, up to $7,000 per employee per quarter.
Documents Required to Apply for ERTC
- Form 941 for all quarters of 2020 and 2021
- Payroll reports for all quarters of 2020 and 2021 (Excel format preferred)
- PPP Round 1 and 2 amount and date of received and current status if forgiven or not
Refund Process
ERTC Funds are on a first-come, first-serve basis as quickly as you apply will be good. Although Rules and calculations are complicated, you will need an accountant’s help to calculate the right numbers and apply for a refund.
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