Did you have W-2 Employees between 2020 and 2021? You may be eligible to receive up to $26,000 per worker as a company tax credit.
The Employee Retention Credit stimulus initiative is to aid companies that kept their staff through the Covid-19 epidemic. The CARES Act allows businesses to apply for and receive a refundable tax credit, essentially a grant rather than a loan. The ERC is open to both micro and medium-sized enterprises.
If your business sustained losses during the epidemic but chose to keep its staff on the payroll, you can make a claim to see if you’re eligible.
To mitigate some financial difficulties small businesses incurred due to pandemic-related business restrictions, the federal government rolled out the ERC, a tax refund for payroll taxes paid in 2020 and 2021. The ERC was born out of the same government initiative as PPP.
Employers who obtained loans through the Paycheck Protection Program (PPP) and those who did not are eligible for ERC funding thanks to the Consolidated Appropriations (CARES) Act, 2021.
You might qualify for an ERC rebate.
If your company saw a drop in total receipts in 2020 and/or 2021 but maintained its workforce, payroll tax refunds may be available through our reliable partners* Among the types of firms that qualify, those that have:
*Tax consulting services from an outside party (“Provider”), per the terms and conditions set forth by Provider. There is a cost involved, and please refer to the Provider’s Agreement for further information.