Did you know that you can receive thousands of dollars per employee through the Employee Retention Credit (ERC)? Unfortunately, while most businesses applied for PPP and EIDL loans in 2020 and 2021, few bothered to explore the Employee Retention Credit because it was initially unavailable to PPP loan recipients.
However, the Taxpayer Relief Act updated the ERC to allow PPP loan recipients who meet the eligibility requirements to claim the ERC. This update and several other retroactive updates have expanded the ERC eligibility requirements and made it available to more businesses.
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