Things You Need To Know About The Employee Retention Credit

Business Tax Benefits23 Feb, 2022Legal

The CARES (Coronavirus Aid, Relief, and Economic Security) act imbibes a business relief provision known as the employee retention credit. This credit is a refundable payroll tax credit for ?qualified wages'' paid to retain full-time employees from March 13, 2020, to December 31, 2020. The core aim of the ERC is to encourage employers to keep their employees on the payroll even if they are not working during the Covid period. The coronavirus has hit the business owners and the employees. In such a situation, the CARES act is a ray of hope. However, it is an excellent step in this direction; several queries and doubts are associated with it. Such as, what business owners can apply for the ERC? What are its primary benefits? Which businesses are eligible for this ? and so on.