Do I Qualify For Employee Retention Credit

Do I Qualify For Employee Retention Credit https://fundwiseagents.com/2m?ref=larry30

Determining your eligibility for the Employee Retention Credit (ERC) is crucial for businesses looking to take advantage of this valuable tax credit. The ERC was introduced by the U.S. government as part of the Coronavirus Aid, Relief, and Economic Security CARES Act to support businesses during the COVID-19 pandemic. The credit has since been extended and expanded with subsequent legislation. If you're wondering whether you qualify for the Employee Retention Credit, this article aims to provide you with the information you need to determine your eligibility.

Firstly, the ERC is available to businesses that meet specific criteria. To qualify for the credit, your business must have experienced either a partial or full suspension of operations by a government order due to the pandemic. This means that if your business was forced to close or limit its operations directly as a result of a government mandate, you could be eligible for the credit.


Alternatively, if your business did not face a government order for suspension of operations, you may still qualify for the ERC if you experienced a significant decline in gross receipts. The general threshold for a significant decline is a 50% drop in gross receipts in any quarter of 2020 compared to the same quarter in 2019. However, from January 1, 2021, the threshold was lowered to a 20% decline, making it easier for businesses to qualify.

Another factor to consider is the size of your business. The ERC is applicable to businesses of all sizes, meaning there are no restrictions based on the number of employees or the size of the organization for eligibility purposes. Whether you are a large corporation or a small business, you can potentially qualify for the credit if you meet the other criteria.

It's essential to note that the eligibility period for the ERC has been extended and expanded. Initially, the credit applied to wages paid between March 12, 2020, and December 31, 2020. However, with subsequent legislation, the credit has been extended to cover wages paid between January 1, 2021, and December 31, 2021. This extension provides businesses with additional opportunities to claim the credit and support their employee retention efforts.

It's also important to understand how the ERC interacts with other relief programs. 


Larry Kearney

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