The Employee Retention Tax Credit (ERTC) has gone through several changes since it was first announced, including the duration of the program and the eligibility requirements. The new video from Scott Hall discusses the most recent changes and includes a quick checklist to help businesses determine their eligibility.
To see the full video, please visit https://youtu.be/DLlFF5xAIrg
In the recently launched video, employers can find information about how they can file for the ERTC program for 2020 and 2021, even if they previously applied for and received assistance under the Paycheck Protection Program (PPP) for those years. The ERTC program ended in September 2021, but eligible businesses can still apply for compensation if they were eligible at the time.
The Employee Retention Tax Credit program assisted business owners and their employees by providing an incentive to keep workers on the payroll. Eligible businesses could receive a tax credit for a percentage of each eligible employee’s wage.
When the ERTC program was originally launched in 2020, employers had the option to receive assistance either through ERTC or PPP, but not both. That changed in 2021, with the passing of the Consolidated Appropriations Act, which allowed employers to benefit from both programs.
Businesses that were affected by the pandemic, by requiring closures or suffering a loss of revenue, can claim as much as 70% of their employee’s wages in tax credits, up to $7000 per employee, per quarter. To determine whether a business qualifies, and how much they can claim, employers can take a short quiz which can be found in the description of the video linked below.
The changes to eligibility requirements have opened up the program to a wide range of businesses that were previously disqualified, and the benefits can now be claimed by startups, non-profits, and most businesses with less than 500 employees.
Unlike the Paycheck Protection Program, the Employee Retention Tax Credit program is a one-time credit that does not need to be paid back. Employers can learn more about the program or receive assistance in filing by visiting Scott Hall’s website through the link in the video.
To learn more about ERTC eligibility requirements, please visit https://youtu.be/DLlFF5xAIrg
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