Employee Retention Tax Credit due to COVID-19

Generally speaking, Employee Retention Tax Credit was established to help employers whose operations were suspended, either partially or fully, by a government order due to COVID-19, OR had a significant decline in gross receipts, OR began carrying on business after February 15, 2020.

This credit provides up to $5,000 per employee, per year for 2020, and up to $7,000 per employee, per quarter for 2021.

ERC is very different from PPP. While PPP was carried out via banks, ERC is a tax credit, which can be claimed via tax forms.

Whether your business is a stand-alone business or part of a group, Dao CPA, P.C. would be happy to help you understand how the ERC tax credit affects your income taxes, and assist you with preparing the refund claims, when applicable.

Click here to see ERC Overview

Click here to see ERC Owner Wages