![[Video] Top 5 Things You Should Know about the Employee Retention Tax Credit – Now Up to $33k per Employee](https://www.kbkg.com/wp-content/uploads/Top-5-Things-You-Should-Know-about-the-Employee-Retention-Tax-Credit-–-Now-Up-to-33k-per-Employee.jpg "[Video] Top 5 Things You Should Know about the Employee Retention Tax Credit – Now Up to $33k per Employee")
- The ERTC was originally established under the CARES Act t encourage businesses to keep employees on payroll during the pandemic.
- Employers can now retroactively apply for credits in 2020, even if they have received a PPP loan from the Small Business Administration.
- Employers can receive a CREDIT ADVANCE from the US Treasury.
- ERTC was extended to December 31, 2021 as part of the American Rescue Plan Act that was signed on March 11, 2021.
- 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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