FREE MONEY for US BUSINESS OWNERS! What exactly is ERTC?
What's the meaning of Employee Retention Credit (ERC)?
The Employee Retention Tax Credit (ERTC) is an IRS tax credit that is designed to assist small businesses in keeping their employees in these tough times. The credit refunds payroll costs already spent.There is no requirement to reimburse the ERTC as it is, in a sense, similar to the stimulus check that every taxpayer receives. Any business that has less than 500 employees could be eligible. This includes non-profits as well as start-ups.
How do I know if I meet the requirements?
In order to qualify for the ERTC your business had to be affected in any of two ways.A decrease in gross receipts during an declared quarter. Over any declared quarter by 2020, an drop in revenue of 50 percent or greater must be shown to claim the credit; however the credit can be capped at $5,000 per year. In 2021 the credit was widened to companies who have experienced only 20% decrease in revenue. Each quarter from 2021 businesses can be eligible for up to $7,000 in credits per employee.
Either or a "Complete or Partially" Closure of your company. In all over America, across the United States, local government restrictions and mandates were put into places, including social distancing and being compelled by law to operate from home, or even closing your business in its entirety.
