The Employee Retention Credit (ERC) is a Payroll Tax Credit Refund designed to reward businesses for retaining employees during COVID-19. Business Owners can receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excluding the 4th quarter), in 2021 for qualified wages. The total refund can total $26,000. This is NOT a loan. It is a refund check you can spend as you wish.
The credit was initially signed into law March 2020 as part of the CARES Act. The credit was later expanded upon with the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in June 2021.
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