1. The ERTC was originally established under the CARES Act t encourage businesses to keep employees on payroll during the pandemic.
  2. Employers can now retroactively apply for credits in 2020, even if they have received a PPP loan from the Small Business Administration.
  3. Employers can receive a CREDIT ADVANCE from the US Treasury.
  4. ERTC was extended to December 31, 2021 as part of the American Rescue Plan Act that was signed on March 11, 2021.
  5. The refundable tax credit is now 70% of up to $10,000 in wages per quarter for the periods beginning January 1, 2021 and ending December 31, 2021.

Case Study:

A company with 20 employees on payroll may be eligible for up to $100,000 of refundable credits in 2020, and $140,000 of refundable credits for each qualifying quarter in 2021 ($560,000 potential total for 2021).

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