Although we now are hearing less about COVID-19 on the news, it doesn’t mean that the consequences of the pandemic are anywhere near over. Many businesses are still seeing the effects on their bottom line and likely will for some time.
If you are a business that kept employees on the payroll from March of 2020 through 2021, there’s some good news for your books. The feds have rolled out the Employee Retention Credit (ERC), which will pay you back for keeping those employees; you may qualify!
A simplified overview of qualifications looks like this (from the Department of the Treasury):
“If your business has 500 or fewer employees, was at least partly closed due to a government order, OR the business’s revenue declined by 20% or more for any quarter this year, AND you kept employees on the payroll, you may be eligible for 2021 employee retention tax credits of up to $28,000 per employee.”
This program is time sensitive, and you should act now to take advantage of this credit. Call us at (806) 676-2849, and we can help you determine your eligibility!