FREE MONEY FOR US Businesses! What is ERTC?

What exactly is the meaning of Employee Retention Credit (ERC)?

The Employee Retention Tax Credit (ERTC) is an IRS tax credit designed to assist small businesses in keeping their employees during these difficult times. The credit refunds payroll costs already paid.

There is no requirement to repay the ERTC, and is in a way, like the stimulus check that every taxpayer receives. Any business structure under 500 employees is likely to qualify. This includes non-profits, as well as startups.

What do I need to know to determine whether I have the right qualifications?

To be eligible to be eligible for the ERTC your business had to have been affected in one of two ways.

A decrease in gross receipts in the course of a declared quarter. For any declared quarter beginning for 2020, a decrease in revenue of 50 percent or more must be proven to be eligible for the credit. However, the credit is capped at $5,000 for the entire year. In 2021, the credit was expanded for businesses who only experienced an increase of 20% in revenues. In each quarter of 2021, companies can qualify for up to $700 in credits per employee.

It could be or a "Complete or Partial" Closure of your company. All over all across United States, local government restrictions and mandates were put in places, including social distancing and being forced to be able to work at home, or even closing your company in totality.

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