FREE MONEY for US BUSINESS OWNERS! What exactly is ERTC?
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FREE MONEY FOR US BUSINESS OWNERS! What is ERTC?
What exactly is employee retention Credit (ERC)?
The Employee Retention Tax Credit (ERTC) is an IRS tax credit that is designed to aid small-sized businesses retain their employees through these challenging times. The credit reimburses employees for payroll expenses that have already been paid.There is no need to pay back the ERTC which is, in a way, similar to the stimulus check that every taxpayer receives. Any business with less than 500 employees is likely to qualify. This includes non-profits as well as startups.
How can I tell if I qualify?
In order to qualify to be eligible for the ERTC your company had to have been affected in one of two ways.A decrease in gross revenue over an declared quarter. For any declared quarter beginning by 2020, an decline of 50% or more has to be proven to be eligible for the credit; however the credit limit is $5,000 per year. In 2021, the credit was expanded for businesses that only had 20% decrease in revenue. In each quarter of 2021, companies can qualify for up to $7,000 in credits for each employee.
It could be either a "Complete or Partially" closure of your business. All over all across United States, local government restrictions and mandates were put in place; social distancing, being compelled to work from home, or even the closure of your company in totality.
