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

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 for businesses to retroactively claim the benefits.

The Problem for Business Owners

While the ERC is a great resource for business owners, there are dozens of misconceptions about who qualifies and who doesn’t. Over the last few years, there have even been changes and expansions regarding who qualifies–further muddying the waters for potential applicants.

There are currently numerous misconceptions about essential business to confusion over how revenue and profits affect your status. Even with the information provided in this article, you may have trouble determining if your business is eligible. Luckily, there’s a handy online resource for you.

Seeking Help from Falcon National Bank

For those looking to take full advantage of the ERC, you can get the help you need from Falcon National Bank. By joining our seminar, you can learn what you need to know and ask your questions about the ERC to a panel of experts.

This seminar will cover what business owners need to know and inform you on how to take advantage of the program’s benefits. Attending this event will dispel all the confusion and misconceptions surrounding the ERC and tell you whether you qualify.

Join this seminar hosted by Falcon National Bank to fully understand the Employee Retention Credit.