Employers, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience a "partial suspension" of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19.
The tax credit is for eligible employers whose business has been impacted by COVID-19.
In 2021 eligibility requirements were changed. Deadlines to file were extended. Businesses can now claim the Employee Retention Tax Credit (ERC) alongside PPP and other paycheck protection programs.
With the Employee Retention Tax Credit, you could be eligible for:
$7,000 Per Employee Per Quarter
20 Employees X $7,000 = $140,000 Per Quarter
4 Quarters = $560,000!
