By now, I'm sure you've all heard about these amazing ERTC refunds. But, what are they really?
The Employee Retention Tax Credit Program (ERTC), which was part of the March 2021 legislation of the American Rescue Plan Act that revised the original ERTC Program included in the CARES Act of May 2020, where an employer had to choose between the Paycheck Protection Program (PPP) and ERTC. The 2021 legislation expanded, extended and enlarged the ERTC program, and now allows eligible employers to benefit from both or either of the PPP and ERTC.Many people do not realize that they can now qualify for both PPP and ERTC!
The ERTC Program has been very lucrative to many small and mid-sized businesses across the country, and is not difficult to qualify for. Any sort of disruption or suspension to your business during 2020 & 2021 qualifies you for this program. The only catch is that you must have employed five or more W2 employees during that time.
I hope this brief ERTC overview was helpful, and finally answers the questions of what this magical program is all about.