The Latest Federal Relief Doubles The ERC
Did you know the ERC can now be worth up to $33,000 per employee – $5,000 in 2020 and $28,000 in 2021? Last week, President Biden signed into law the American Rescue Plan Act, which extends the Employee Retention Credit (ERC) through December 31, 2021. You may qualify for some or all of these credits:
· If your business experienced a decline in gross receipts during 2020 or 2021
· Or if it was fully or partially suspended due to a COVID-19 governmental order.
As previously reported on our COVID-19 resource page, you may still qualify for the ERC even if you received or will receive a PPP loan under the CARES Act.