WHAT IS THE ERC?
The employee Retention Credit (ERC) was authorized under the CARES Act and encourages businesses to keep employees on the payroll.
The 2020 ERC Program is a refundable tax credit of 50% of up to $10,000 in wages paid per employee from 3/13/2020 – 12/31/2020 by an eligible employer. THAT’S UP TO $5,000 PER EMPLOYEE!
The 2021 ERC Program has increased to 70% o fup to $10,000 in wages paid per employee per quarter for the first 3 quarters of 2021. THAT’S UP TO $21,000 PER EMPLOYEE?