If You're A Business Owner, You Need To Know How It Changed!
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The Employee Retention Tax Credit is a tax credit of $5,000 to $7,000 per employee. It’s part of the CARES act, and was extended as part of the year end Coronavirus Omnibus Spending Act.
Yes! The ERTC has been around as long as the PPP. But prior to December, you could only qualify for EITHER the PPP or the ERTC. Congress changed all that in late December and now you can get both. There are very strict rules about how the two aid programs interact, but you absolutely can take advantage of both.
This is so new even the IRS has not updated its website to reflect the changes from the latest Congressional stimulus bill. Remember---this is nearly a 6,000-page document. But we have a team dedicated to reviewing all the small business aid packages. Many accountants not specialized in government aid programs also mistakenly conflate COVID sick and family leave with employee retention benefits.
There is no up front cost for finding out how much you are due, or recovering your ERTC.
You can spend the money on anything you want and you do not have to pay it back.