Is your organization or business still wondering if there are any options for stimulus relief? Good news! There might be! If you haven’t explored the Employee Retention Credit (ERC), you may have the opportunity to see some money back if you meet certain criteria. ERC is available for both 2020 and 2021 employers who had paid employees through payroll and experienced a significant decline in gross receipts or whose business was partially or fully suspended due to government mandates. This credit can be obtained by filing a Form 941-X for qualifying quarters in 2020 or quarter one of 2021, OR by providing your payroll provider with information on your timely filed quarter two through four Form 941.
The maximum credit you may be eligible for in 2020 is $5,000 per employee for the year. In 2021, the maximum credit you may be eligible for is $7,000 per employee, per quarter! This credit has the potential to add up to big dollars.