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.
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.