What is ERC?
ERC stands for Employee Retention Credit. This is a US Government stimulus aid program that was established by the CARES Act. It is not a loan, but a refundable tax credit, a grant – that many businesses can claim, with a possible figure of up to $26,000 per employee.
Who is the ERC Program For?
The ERC program, was created for companies who showed either a decline in revenue, or changes or adjustments in standard business operations, or partial or full business suspension during the Covid-19 pandemic and who had paid employees on the W2 payroll, during 2020 and 2021.
Is ERC like PPP?
No - The PPP is a loan program that provides funds to small businesses to help them keep their employees on the payroll. The ERC, differs in as much as it is a tax credit that businesses can claim for eligible wages paid to employees during the pandemic. The ERC grant does not need to be repaid. In fact any businesses who did apply for PPP, are still also still eligible to receive the ERC grant.
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