Didn't get the PPP loan? Check out the ERTC
What's the ERTC? Employee Retention Tax Credit.
If you DO NOT get the PPP loan, your business could qualify for this tax credit. This is a refundable tax credit for employers equal to 50% of qualified wages (including qualified health plan expenses). But this means, you have to be paying your employees AND you have to show that you have a decline in gross receipts or required closure due to COVID-19. There are additional details and requirements. See the links below for more details.
If you DO get the PPP loan, your business cannot also qualify for this tax credit.
Be sure to talk to your accountant to help you determine whether or not you qualify and what you need to do to ensure you receive this credit. If you don't have an accountant for your business, click HERE to see a listing of our Chamber members.
You may also learn more information about this tax credit at the following links:
If you DO NOT get the PPP loan, your business could qualify for this tax credit. This is a refundable tax credit for employers equal to 50% of qualified wages (including qualified health plan expenses). But this means, you have to be paying your employees AND you have to show that you have a decline in gross receipts or required closure due to COVID-19. There are additional details and requirements. See the links below for more details.
If you DO get the PPP loan, your business cannot also qualify for this tax credit.
Be sure to talk to your accountant to help you determine whether or not you qualify and what you need to do to ensure you receive this credit. If you don't have an accountant for your business, click HERE to see a listing of our Chamber members.
You may also learn more information about this tax credit at the following links:
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