ERTC

The Employee Retention Tax Credit (ERTC) is a tax credit introduced by the U.S. government in response to the economic impact of the COVID-19 pandemic. The ERTC provides financial relief to businesses that have been impacted by COVID-19 and encourages them to retain their employees during these challenging times.

The ERTC is available to eligible employers who have experienced either a partial or full suspension of their operations due to COVID-19 or who have experienced a significant decline in gross receipts. Eligible employers can claim a refundable tax credit of up to 70% of the qualified wages paid to their employees, up to a maximum of $10,000 per employee per quarter.

To claim the ERTC, eligible employers must file Form 941, the Employer’s Quarterly Federal Tax Return, with the Internal Revenue Service (IRS). The IRS has also provided guidance and resources to help employers determine their eligibility and calculate the amount of their ERTC.

The ERTC has been extended through April 15, 2025, and has undergone several changes and updates since its introduction. It’s important for employers to stay up-to-date on the latest guidance and requirements for claiming the ERTC to ensure they receive the maximum benefit.

At Fundmerica, we understand the importance of financial relief for businesses during these challenging times. That’s why we’re committed to staying up-to-date on the latest government programs and providing support to our clients to help them navigate these programs and access the funding they need to thrive.