Employee Retention Credit (ERC) Webinar

In December of 2020 changes were made to the Employee Retention Credit Program. This webinar will help you understand the changes and help you determine if you are eligible for the tax credits.

There were four major changes made to program:

1. The program was extended to include the first three quarters of 2021 – January 2021 through September 2021. (The program already included a credit of up to $5,000 per employee for 2020) 
2. The maximum ERC amount available was changed to $7,000 per employee per calendar quarter, for a total of $21,000 in 2021.
3. The eligibility criteria were changed to meeting one of the following criteria:
   1. A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
   2. A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).

4. The law now allows employers who received Paycheck Protection Program (PPP) loans to claim the ERC for qualified wages that are not treated as payroll costs in obtaining forgiveness of the PPP loan.