ERC Easy, a WY-based company, is encouraging US small businesses to determine their eligibility for the employee retention credits (ERC) program, a tax credit aimed at incentivizing companies to retain, rather than lay off, employees amid financial hardships brought on by the COVID-19 pandemic.
ERC Easy has partnered with BottomLine Concepts, a firm dedicated to helping businesses maximize their ERC benefits, which can reach up to $26,000 per employee.
The ERC program was established by the CARES Act and is a refundable tax credit, distinct from the Paycheck Protection Program (PPP) also created by the CARES Act. Under the Biden Administration, businesses can now benefit from both the PPP and ERC, unlike in the past under the Trump Administration.
The amount eligible for a claim is $5,000 per employee for 2020 and $7,000 per employee per quarter for 2021.
To qualify, the business must have been required by a government entity to partially or fully shut down due to the pandemic, with the amount of the credit determined by comparing current gross receipts to pre-pandemic receipts.
Eligibility for the ERC, which has been expanded by the American Rescue Plan (ARP) Act of 2021, applies to a variety of enterprises, including non-profit organizations and universities, with two conditions for claiming the credit in 2021: a suspension or reduction of operations due to government mandates or closure during a specific quarter.
For the food industry, IRS qualifications for the ERC include reductions in capacity due to social distancing, closure of indoor dining with the option for takeout or delivery, and suspension of indoor dining services.
For more information on the ERC program and how to determine eligibility, visit ERC Easy's website at https://www.erceasy.com or reach out to their team via phone or email.
For more information about ERC Easy, contact the company here:
1309 Coffeen Avenue
Sheridan, Wyoming 82801