FREE MONEY for US Business Owners! What exactly is ERTC?
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FREE MONEY FOR US Business Owners! What is ERTC?
What's the meaning of Employee Retention Credit (ERC)?
The Employee Retention Tax Credit (ERTC) is an IRS tax credit that is designed to assist small businesses in keeping their employees through these challenging times. The credit refunds payroll costs already spent.There is no need to pay back the ERTC which is, in a sense, like the stimulus check that the everyday taxpayer received. Any business structure under 500 employees is likely to qualify. This includes non-profits as well as new businesses.
How can I tell whether I meet the requirements?
In order to be eligible to be eligible for the ERTC your company must be affected in any of two ways.A decline in gross receipts in the course of a declared quarter. For any declared quarter beginning in 2020, a drop in revenue of 50 percent or greater must be shown to claim the credit; however the credit limit is $5,000 for the entire year. In 2021 the credit was extended to businesses who have experienced only 20% decrease in revenue. For each individual quarter in 2021, businesses are eligible for up to $700 in credits per employee.
Or either a "Complete or Partially" closure of your company. All across America, across the United States, local government restrictions and mandates were put into place; social distancing, being forced by law to operate from home, or even the closure of your business completely.
