Due to the coronavirus negatively affecting businesses nationwide, there are a number of coronavirus payroll tax credits available to help employers. One option is the Employee Retention Credit (ERC).
There are two main questions you should be asking of your organization. First, did your business suspend operations, either fully or partially, because of a governmental mandate? And secondly, did your revenue decline? If you answered yes to either of these questions, it’s time to dig in further to determine your eligibility.
Read more to learn the ins and outs of the ERC, including how the Employee Retention Credit works and how it can help you rebound from the COVID-19 pandemic.