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Most employers qualify for the employee retention tax credit following the passing of the American Rescue Plan Act. In addition, as mentioned, the CAA extended the qualifications to businesses that took out a loan under PPP.

There are two main factors for employers who want to file for the ERC Tax Credit.

The first applies to businesses ordered to fully or partially shut down during the calendar quarter to which they want to apply. The credit only applies to the portion of the quarter the business was suspended.

Businesses whose gross receipts fell below 50% for the same quarter in 2019 (for 2020) and below 70% (for 2021) also qualify.

Startup businesses under the Recovery Startup Business program must have had average annual gross receipts of under $1mn.

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📲 (281) 502-8926
🌐 https://bit.ly/ERCGUIDE
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𝗛𝗲𝗹𝗽𝗶𝗻𝗴 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗺𝗮𝘅𝗶𝗺𝗶𝘇𝗲 𝘁𝗵𝗲 𝗘𝗥𝗖 𝗰𝗹𝗮𝗶𝗺.

Employers can claim a credit of up to 70% of qualified wages paid. The $10,000 credit per employee also changed from the calendar year to per quarter.

The CAA also allows businesses who received a Paycheck Protection Program (PPP) loan from March 13, 2020, to December 31, 2020, to possibly qualify for the ERC. If businesses didn’t pay wages with their PPP loan, they can apply for the ERC.

The law also considers group healthcare expenses as qualified wages if no other wagers were paid to the employee.
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📲 (281) 502-8926
🌐 https://bit.ly/ERCGUIDE
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Learn exactly what the ERC program is and how it works. While not a complicated program, it's important to have some basic understanding of how the program works so you know if you qualify and how to claim your tax credit.

𝗦𝘁𝗮𝘆 𝗰𝗼𝗻𝗻𝗲𝗰𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝗥𝗼𝗹𝗮𝗻𝗱 𝗖𝗮𝗺𝗮𝗰𝗵𝗼 (𝗘𝗥𝗧𝗖 𝗔𝗗𝗩𝗜𝗦𝗢𝗥)

📲 (281) 502-8926
🌐 https://bit.ly/ERCGUIDE