What is Employee Retention Credit: A Comprehensive Guide
COVID-19 has affected the world's economy very badly. From every small business to the big company, Crona left everyone in a disastrous state. And as a result, we are now in the era of great resignation. Companies are struggling to retain their employees. To save the employers and employees from the financial crisis, the government has come ahead with plans like Employee Retention Credit for the employer's and employee's welfare. ERC basically helps in payroll financing for small business . However, to get the benefit from the ERC, first, employers must meet the eligibility criteria. Here, we will try to explain everything to you. So, What Is ERC ( Employee Retention Credit)? ERC is a type of refundable tax credit facilitated by the government. It is the fifty percent of the qualified wages that the eligible employers pay their employees. The maximum amount that an employer can retain for each employee is $10,000. However, the amount depends on the calendar quarters. You ca...