FREE MONEY For US BUSINESS OWNERS! What exactly is ERTC?
from web site
FREE MONEY For US Businesses! What is ERTC?
What's the meaning of Employee Retention Credit (ERC)?
The Employee Retention Tax Credit (ERTC) is an IRS tax credit created to assist small businesses in keeping their employees through these challenging times. The credit will reimburse payroll costs already paid.There is no requirement to reimburse the ERTC, and is in a sense, similar to the stimulus check that everyday taxpayers received. Any business with less than 500 employees could be eligible. This includes non-profits, as well as new businesses.
What do I need to know to determine whether I meet the requirements?
To be eligible to be eligible for the ERTC your business had to be affected in one of two ways.A decrease in gross receipts during the course of a declared quarter. In any quarter declared for 2020, a decrease of 50% or greater must be documented to qualify for the credit; however the credit is capped at $5,000 for the year. In 2021, the credit was expanded for businesses who only experienced 20% decrease in revenue. For each individual quarter in 2021, companies can qualify for up to $7,000 in credits for each employee.
Either or a "Complete or Partial" closing of your company. All across the United States, local government restrictions and mandates were put in place; social distancing, being compelled by law to operate from home, or even closing your business completely.
