FREE MONEY For US Businesses! What exactly is ERTC?
What is Employee Retention Credit (ERC)?
The Employee Retention Tax Credit (ERTC) is an IRS tax credit created to help small businesses retain their employees through these challenging times. The credit reimburses employees for payroll expenses that have already been paid.There is no need to reimburse the ERTC which is, in a way, like the stimulus check that the everyday taxpayer received. Any business with less than 500 employees could be eligible. This includes non-profits, as well as new businesses.
What do I need to know to determine if I meet the requirements?
To be eligible to be eligible for the ERTC your business had to have been affected in any of two ways.A decrease in gross revenue over a declared quarter. For any declared quarter beginning for 2020, a drop by 50% or greater must be documented to qualify for the credit. However, the credit is capped at $5,000 for the entire year. In 2021, the credit was expanded for businesses who only experienced 20% decrease in revenues. For each individual quarter in 2021, businesses are eligible to receive up to $7,000 worth of credits per employee.
Or either a "Complete or Partial" closure of your company. All across all across United States, local government restrictions and mandates were put in place; social distancing, being compelled by law to operate from home, or even the closing of your company in totality.
