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What is the Employee Retention Credit? | Does my business qualify?

What is the Employee Retention Credit? | Does my business qualify?

Posted On: July 11, 2022 by Falcon National Bank in: Manage your Business | Business Banking

In the wake of COVID-19, the federal government is taking plenty of measures to help small businesses. One of these measures is the Employee Retention Credit (ERC). This article will cover the ERC, how it can help small businesses, and how you can seek help with applying for the program. What is the Employee Retention Credit ERC? As a part of the Infrastructure Investment and Jobs Act, the ERC is a refundable credit on qualified wages. This credit is paid to employees, but many business owners have had trouble determining if they qualify. There are many potential contenders, so long as the organization can prove that its business was suspended or restricted by government orders. How ERC Supports Small Business Simply put, the ERC pushes business owners to keep people on the payroll. Rather than offloading employees, this credit can be paid out to employees. The amount paid is 50% of up to 10,000 dollars in wages. Even though this program has ended, there is still ample opportunity

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