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Employee Retention Credit

There have been significant changes to the Employee Retention Credit that we want you to know about.

Initially, the Employee Retention Credit (ERC) did not impact many employers. When first introduced in the initial stimulus bill signed nearly a year ago, this credit was not available to businesses who had taken Paycheck Protection Program (PPP) loans.

However, recent legislation now allows those employers who received PPP to also receive the ERC, if they are otherwise eligible. 

Below are a few highlights of how the ERC works.

  • The ERC is a credit of 70% of qualified wages up to $10,000 per employee per quarter. This equates to a maximum credit of $7,000 per employee per quarter.
  • To be eligible for the ERC Credit, your business must have been ordered to fully or partially suspend operations or experience a 20% decline in 2021 quarterly revenues from the comparable quarter in 2019.
  • The eligibility for the credit is determined on a quarterly basis.
  • The ERC is claimed on the payroll tax form 941, so it will require some coordination with your payroll filings.
  • We’re finding that the payroll service providers “ADP, Paychex, etc.” are not able to provide you with the tool to calculate this credit.
  • The same wages cannot be used for the ERC and PPP forgiveness. This requires some work to verify different wages are being used under the various programs.
  • Recent legislation has extended the Employee Retention Credit through the end of 2021. 

The ERC could be a very large tax credit for your business. Unfortunately, it is not an easy credit to calculate. We are available to help determine your eligibility and amount of this credit. If you would like our assistance with determining eligibility and potential amount of this credit, please contact us as soon as possible.

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