The Employee Retention Credit is a Cares Act relief measure for businesses. It is a fully refundable tax credit that eligible employers who are able to keep employees on payroll can claim.
When signed into law under the CARES Act, the refundable Employee Retention Tax Credit was equal to 50% of qualified wages eligible employers paid employees between March 13, 2020 through December 31, 2020. Employers who qualify in 2021 (including employers who received a PPP loan) can now claim a credit against 70% of qualified wages paid through June 30, 2021.
Overall assuming your business qualifies for even a single employee and they were were paid the max qualified wages you could receive an overall refundable credit of $19,000 per employee.
To receive more information or assistance with your Employee Retention Credit, please contact us via the contact form. In the interest or notes section please comment that you are interested in the Employee Retention Credit.