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Need to know: ERTC

The Employee Retention Tax Credit (ERTC) under the CARES Act is a fully refundable payroll tax credit. Significant updates to the ERTC were finalized by the Consolidated Appropriations Act in December 2020, the American Rescue Plan Act in March 2021, as well as the Infrastructure Investment and Jobs Act in November 2021.

What changed?
Companies that received PPP loans may now also claim the ERTC. Additionally, nearly every aspect of the credit was liberalized and extended into 2021.

Who is eligible?
Companies qualify for the ERTC if they (1) had a decline in quarterly revenue, or (2) were fully or partially shut down due to governmental orders, or (3) began a new trade or business with less than $1 million in average annual revenue.

What is it worth?
For 2020, the ERTC is worth up to $5,000 per employee per year. In 2021, it’s worth up to $7,000 per employee per quarter.

When does it end?
The eligibility period for many companies ended on September 30, 2021. However, recovery startup businesses are eligible through the end of 2021. Employers can retroactively claim the credit against past quarters.