92% of businesses qualify and only 27% of them have taken advantage of the free money!
*updated 12/1/2023
*This program has changed so much and the Fed is slowly taking away quarters of the year 2020 that can cost you tens of thousands of dollars in refunds. Your business did not need to be closed to qualify! Contact us today to find out more!
What Help is Available?
To provide economic relief to businesses and individuals during the Coronavirus pandemic, the CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law in March 2020. This $970 billion stimulus package makes funding available to small companies, which can be used to allow certain employers who retain employees during the crisis, to claim a tax credit. This tax credit is known as the Employee Retention Credit (ERC).
Check out this video for more details on how to qualify and for how much!
ABOUT THE CREDIT
The ERC allows eligible employers to claim a credit against 50% of wages paid per quarter, up to $16,000 per employee annually, for wages paid between March 13, 2020 – December 31, 2020. The maximum credit is $5,000 per employee in December of 2020, under the Covid-19 Relief Package, the ERC was extended from January 1, 2021 – December 31, 2021. This extension allows eligible employers to claim a credit against 70% of wages paid per quarter, up to $16,000 per employee, with a maximum allowable credit of $28,000 per employee. To find out if your business qualifies, please contact us for a free quote or email us at info@devotedenterprises.com.
