Employee Retention Credit
Employee Retention Credit
What is the Employee Retention Credit (ERC)?
In an effort to mitigate some of the 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. However, it is not a loan - it is a payroll tax credit. ERC is a government refund for pandemic-era payroll taxes. Now, your clients may qualify for the Employee Retention Credit, and JA Biz Funding can help.
A payroll tax refund of up to $26,000 may be available to your clients if their business struggled due to pandemic restrictions, but retained employees. If they paid payroll taxes in 2020 and 2021, they may be entitled to a refund, and should consult with their accountant or payroll specialist for further more information.
If one or more of the following applies to your business, you may qualify and should apply:
- Sustained partial or full suspension of operations in 2020 and/or the first three (3) quarters of 2021
- Experienced a decline in gross receipts during the same period
- Are a recovery startup (a company with less that $1 million in revenue that started on or after February 15, 2020)
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