Employee Retention Credit (ERC) Questions

The Employee Retention Credit (ERC) is a refundable credit for businesses of up to $5,000 per employee for 2020 and up to $7,000 per employee per quarter for the first 3 quarters of 2021. The ERC was authorized by the government-approved CARES Act in 2020 and updated in both the Consolidated Appropriation Act and Infrastructure Investment and Jobs Act in 2021. It was designed to provide federal aid to businesses affected by COVID lockdowns and encourage employers to keep employees on their payroll. The Employee Retention Credit comprises the largest available cash credit available for businesses, but very few businesses know it exists.