What is ERC?
ERC (employee retention credit) is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic. Established by the CARES Act, it is a refundable tax credit – a grant, not a loan – that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees.
QUALIFICATIONS:
How do I qualify?
There are two ways to qualify;
• FULL OR PARTIAL SUSPENSION OF BUSINESS OPERATIONS A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel, or restrictions of group meetings.
• GROSS RECEIPTS REDUCTION Gross receipt reduction criteria are different for 2020 and 2021 but are measured against the current quarter as compared to 2019 pre-COVID amounts.
Tonefleming.com and Anthony Fleming are affiliates of Bottom Line Savings. Links on this page may be affiliate links, and we may be paid commissions if the client chooses to work with Bottom Line Savings. The information on this page is not intended as legal or financial advice and we recommend consulting with professionals as necessary.
Below are examples of companies Bottom Line Savings has worked with:
