Kevin F. Sweeney shareholder with Chamberlain, Hrdlicka, White, Williams & Aughtry. There's Still Time for Businesses to Claim Employee Retention Credits but They Must Be Vigilant
Given the value of these credits, one would think that just about every business has considered claiming ERCs. In reality, many are still not even aware that these credits are available.
June 01, 2023 at 11:04 AM
5 minute read
Pursuant to the CARES Act of 2020, Congress authorized a powerful tax incentive for businesses called the employee retention credit (ERC). The purpose of this refundable tax credit was to reward small and medium-sized businesses for retaining employees through the pandemic.
To qualify, businesses generally had to, among other items, establish that they: had a significant decline in gross receipts for a particular quarter; or had business operations fully or partially suspended due to a COVID-related governmental order. If eligible, businesses could receive up to 50% of each employee's qualified wages up to $5,000 for 2020 and up to 70% of each employee's qualified wages for the first three quarters of 2021 up to $21,000. In total, they could generally receive up to $26,000 per employee.
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