Understanding the 2021 Employee Retention Credit

Mar 17, 2021 | Partner News

As featured on the Gusto blog

The COVID-19 pandemic continues to present small businesses with new challenges. There is some good news, though. The recent enactment of the Consolidated Appropriations Act, 2021 changed some of the provisions under the CARES Act, including an exciting expansion of the Employee Retention Credit (ERC).

The ERC provides a refundable tax credit to help businesses with the cost of keeping their staff employed. The new Consolidated Appropriations Act opened up the ERC program to PPP borrowers for the first time and also extended the program through July 1, 2021. 

This expanded ERC program, like most COVID-19 relief programs, is complex. Click here to read the complete article that walks you through how the credit works, eligibility requirements, credit calculations and a few FAQs to help you better understand if an Employee Retention Credit is right for your business. 

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