Many business owners are not aware of the EMPLOYEE RETENTION CREDIT (“ERC”) included with the CARES ACT. The credit was made available for small businesses significantly impacted by COVID-related shutdowns who were able to keep their employees on the payroll.
The ERC is a refundable tax credit that businesses can claim on qualified wages and qualified health insurance costs, paid to employees or by employers. You can claim up to $26K* per employee during the eligible time frame. This can be a significant payment to your company. If you have not already taken advantage of this tax credit, there is still time to claim valid refunds for qualified tax periods beginning March 13th, 2020 through September 30th, 2021.
Newtek Payroll & Benefits is ready to assist you with the ERC.
To get started, fill out the fields on the right.
One of our tax specialists will contact you.