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Employee Retention Tax Credit

Our ERC experts have helped hundreds of businesses get millions back. We can help you apply today.

What Is the Employee Retention Tax Credit?

The Employee Retention Credit (ERC) was created by the CARES ACT of 2020 to provide relief to businesses who were adversely affected by the Coronavirus Pandemic. This $370 Billion stimulus package provides funding to small businesses who retained their employees during the crisis. The ERC was improved and extended by both the Consolidated Appropriations Act of 2020 and the Covid-19 Relief Package of 2021. While the legislation has changed multiple times the current law allows businesses who experienced a significant reduction in revenue during Covid to qualify, as well as businesses who faced some sort of full or partial restrictions on their business. Our team assists in determining eligibility for the ERC and does all of the relevant calculations and filings to help our clients maximize the amount of funding available.

How Can the Credit Help My Business Now?

For 2020, the ERC provides a fully refundable credit of up to $5,000 per employee for businesses with 100 employees or less. Employers with between 101 and 500 employees can still qualify for the credit, but only on wages paid to employees NOT to work.

 

For 2021, the ERC provides a fully refundable credit of up to $7,000 per employee for each qualifying quarter in 2021, and the employee count threshold was increased from 100 to 500. The credit is currently available for the first three quarters of 2021. In total, an employer can receive up to $26,000 ($5,000 + $7,000 + $7,000 + $7,000) per employee for the years 2020 and 2021.

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Contact ACR Solutions today to learn about how we can help.

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