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erc advance loan (ERC) it's a Payroll Tax Credit that businesses can obtain for the wages paid to employees during COVID-19. The Credit was first signed in Mar 2020 within the CARES Act. The credit was later extended with the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in June 2021.
Business Owners can get a refundable credit of up to $5,000 per employee in 2020, and up to $7,000 per employee, per quarter (excluding the 4th quarter) in 2021, for qualified employee wages for a total amount of up to $26,000 per employee.
As a part of the American Rescue Plan Act, the ERC program works to offer aid to local businesses and unlike the paycheck protection program (PPP) loan, you are not required to repay the ERC credit amount.
How does my business get the Employee Retention Credit?
Businesses that are looking to qualify for the Employee Retention Credit (ERC) must meet one of the two qualifications in order to be eligible.
erc advance in Gross Receipts:
For the year of 2020, a significant decline in profits starts when gross receipts are less than 50% of the gross receipts for the same calendar quarter in 2019 and ends in the first calendar quarter after the calendar quarter in which gross receipts are greater than 80 percent of gross receipts for the same calendar quarter in 2019.
For the year 2021, a decline in gross receipts is determined as a quarter where gross receipts are less than 80% of the same quarter in 2019.
Full or Partial Suspension of Business Operations Due to a Governmental Order:
An organization may also qualify for the ERTC if its operations were fully or partially suspended during a quarter due to “orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes)” due to COVID-19 and if the government orders caused a significant impact to the business.
Please note: to qualify for the credit, you must have had an average of 500 or fewer full-time employees in 2019, 2020, or the first quarter of 2021.
Read More: https://moneyfg.com/employee-retention-credit/hollywood
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