Do You Qualify for the Employee Retention Credit?
Take the Quick Test and Find Out
The expanded Employee Retention Credit (ERC) provides welcome relief for businesses and organizations hardest-hit by the global pandemic. Optimizing the credit so that it has the best possible impact can be complex – especially if you have FFCRA or other wage-based credits.
Here’s what you need to know.
You may qualify for the ERC if:
- Operations were fully or partially suspended by a government order, or
- Gross receipts were less than 50% compared to the same quarter in 2019, or
- You experienced decline in gross receipts of 20% or more during the first two quarters of 2020 compared to the same two quarters in 2019
NOTE: Obtaining a PPP loan does NOT disqualify you from the ERC. And, credits for 2020 can be obtained retroactively – it’s not too late!
How much is the credit?
For 2020, the credit is capped at $5,000 per employee.
For 2021, the cap increases to up to $14,000 per employee ($7,000 per quarter for the first two quarters). (Learn more.)
Do you qualify?
Find out if you qualify, and what the ERC may be worth to your business or organization: take the ERC Quick Test and a member of our COVID-19 Advisory Team will contact you with next steps.
Timing is everything – true-up calculations are due just days after the quarter’s last payroll. Working with a qualified tax professional can give you the peace of mind you need to focus on the future. Take the Quick Test now.
Barnes Dennig COVID-19 Advisory Team
- Cheryl Ganim – email@example.com
- Andy Bertke – firstname.lastname@example.org
- Matt Rosen – email@example.com
- Ryan Lauer – firstname.lastname@example.org
- Nick Pennekamp – email@example.com
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