WHAT IS THE EMPLOYEE RETENTION CREDIT?
The ERC is a tax credit available for small businesses impacted by Covid-19. The ERC is very similar to the PPP, but it is not a loan, so you don't have to worry about tracking expenses or filling out a forgiveness form. Through the ERC, you can claim up to $5,000 per employee.
HOW CAN YOU CLAIM IT?
The key requirement to get these funds is that your business experienced a full or partial closure due to Covid-19. Because of the different shutdown laws, most restaurants can claim this credit. If you received PPP funds, this credit is NOT available to you, as you can't do both. So, this is ideal for those of you who lost out on any PPP funds!
HOW COS ACCOUNTING CAN HELP
COS Accounting has specialized in helping businesses claim this credit - and want to help you do the same.
Learn more about the ER Tax Credit here. This credit expires Dec. 31, 2020, so apply ASAP.
Your email address will not be published. Required fields are marked *