employee retention tax credit

Thomas Shaw04 Jul, 2023Business

The ERC was under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which was a $2.2 trillion economic stimulus bill passed by the U.S. Congress and signed into law by President Trump on March 27, 2020. The bill was developed in direct response to the economic fallout for businesses during the COVID pandemic of 2020. The bill was amended under President Biden as the American Rescue Plan Act (amended to allow companies to have access to both PPP & ERC funds).