In this webinar you'll learn:
- Mechanics of the Employee Retention Tax Credit.
- Myths surrounding the ERTC.
- Evaluation mistakes.
- Cost vs Benefit of applying for the ERTC.
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In order to provide economic relief to businesses and individuals during the Coronavirus pandemic, the CARES Act was signed into law March 2020. This $370 billion stimulus package makes funding available to small companies, which can be used to allow certain employers who retain employees during the crisis, to claim a tax credit. This tax credit is known as the Employee Retention Tax Credit or ERTC
The ERTC allows eligible employers to claim a credit against 50% of wages paid per quarter, up to $10,000 per employee annually, for wages paid between March 13, 2020 - December 31, 2020. In December of 2020, under the Covid-19 Relief Package, the ERTC was extended from January 1, 2021 - December 31, 2021. This extension allows eligible employers to claim a credit against 70% of wages paid per quarter, up to $10,000 per employee, with a maximum allowable credit of $28,000 per employee.