don’t leave $$$ on the table: the new + improved employee retention credit

What is the employee retention credit (ERC)?

The purpose of the ERC is similar to the PPP loan in that its to encourage employers to keep their employees off of unemployment due to the pandemic this year and continue paying them through wages.

It’s a large credit that can be up to $5k per employee in 2020 ($7k per quarter for Q1 & Q2 2021) and is refundable by offsetting employee taxes and credited towards future taxes or refunded immediately.

The credits are substantial and will help many small businesses in 2020 and 2021.

Read of my article at accountantsofcolor.co/blog/erc