The Employee Retention Tax Credit (ERC) provides money to employers whose business was adversley affected due to government COVID-19 orders. If that adverse affect on the business resulted in a loss of gross receipts for any quarter covered by the program then the businessmay qualify for a significant payout. Those qualifying are eligible for a fully refundable Employee Retention Credit (ERC) in the form of a check paid directly from the IRS.

The ERC program has retroative applicability. It covers up to Q1 and Q2 of 2021. Recipients of PPP loans are eligible for ERC.

The American Rescue Plan Act went even further, by making ERC available for all four quarters of 2021. It changes the applicable credit so that in the second half of the year credit is against Medicare instead of Social Security. The Act also adds eligibility for recovery startup businesses.

Even though the program expired, employers can file retroactively for this credit. Businesses can receive remuneration for the ERC credit they did not take during the active program period. If a business is eligible and applies for ERC, then they will receive a check of up to 26K for any employee wages that qualify.

Many businesses had operations that were either suspended partially or fully due to COVID-19 government orders.

If you are eligible and apply for ERC, you will receive remuneration to mitigate the hardships you endured to retain your staff. Also even though the fourth quarter of 2021 was later eliminated, reducing the full per employee recovery amount to a total of $26,000, there are certain circumstances where you may be able to recover Q4 ERC.

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