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Pandemic Relief Program for Small Businesses Can Mean Big Refunds

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For more information or to apply online, just click here.

The Employee Retention Credit (ERC) or Employee Retention Tax Credit (ERTC) program is the last major COVID-19 financial relief program for small businesses to receive stimulus money due to the pandemic. The Internal Revenue Service (IRS) is ready to give business owners up to a $26,000 refund per employee on company payroll in 2020 and 20″21.”  Yahoo Finance.

What is the ERC?  Due to financial suffering across the country, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help get small and medium sized businesses back on their feet — with a special section called the Employee Retention Credit (ERC).

The ERC was developed to encourage and support employers who retained existing employees throughout 2020 and for the first three quarters of 2021 by offering a generous payroll tax refund through the IRS.

Eligible businesses can receive a refund of up to $5,000 per employee for all of 2020 and up to $7,000 per employee kept on the payroll for each quarter for Q1 through Q3 of 2021. That’s a total refund of up to $26,000 per employee kept on your payroll that you keep hearing about.

For more information or to apply online, just click here.