Employee Retention Credit
The Employee Retention Credit (ERC) was created as part of the CARES Act to encourage businesses to continue paying employees by providing a credit to the eligible employer for wages paid to eligible employees. The ERC could be a valuable alternative for those who either did not apply or did not qualify for PPP and other emergency loans. Have questions about COVID-19 relief?
The credit is computed at a rate of 50% of qualified wages paid up to a maximum of $10,000 of wages resulting in a maximum credit of $5,000 per eligible employee.
An Eligible Employer (including all members of a control group) must either:
1. Have their operations fully or partially suspended due to orders from a governmental authority OR
2. Suffer a significant decline in gross revenue.
An Eligible Employer CANNOT be either:
1. A governmental employer OR
2. A recipient of a PPP loan.
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