The Employee Retention Credit (ERC) is a fully refundable tax credit created in 2020 by the CARES Act to support businesses affected by the COVID-19 pandemic. This is not a loan and does not need to be paid back. The program gives up to $26,000 per employee for employers who meet certain qualification factors.
You qualify even if you received PPP loan or other federal grants.
But unlike the PPP, this is not a loan.
It is a rebate for keeping employees on payroll. You don't have to pay it back.
Ivan Kirov - Accounting, Tax and Consulting
Greater San Diego , CA License No. 142107
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