FREE MONEY for US Businesses! What exactly is ERTC?
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FREE MONEY FOR US BUSINESS OWNERS! What is ERTC?
What 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 in these tough times. The credit reimburses employees for payroll expenses that have already been paid.There is no requirement to repay the ERTC, and is in a sense, like the stimulus check that the everyday taxpayer received. Any business structure under 500 employees could be eligible. This includes even non-profits and new businesses.
How can I tell if I have the right qualifications?
In order to qualify for the ERTC your company had to have been affected in any of two ways.A decrease in gross receipts in a declared quarter. In any quarter declared by 2020, an drop by 50% or greater must be documented to qualify for the credit. However, the credit can be capped at $5,000 for the entire year. In 2021 the credit was extended to businesses that only had a 20% reduction in revenues. In each quarter of 2021 businesses can be eligible to receive up to $7,000 worth of credits per employee.
Either a "Complete or Partial" Closure of your business. In all over America, across the United States, local government restrictions and mandates were put in place; social distancing, being required to work from home, or even closing your company in totality.
