Good employees are so valuable to any business. As an employer, it is vital to ensure that your team is comprised of people who enjoy what they do and feel appreciated. A strong team is the backbone of your business and now it can even offer a financial incentive through quarterly tax credits.
What is the Employee Retention Credit?
The Employee Retention Credit (ERC) was initially signed into law as part of the 2020 CARES Act but was significantly expanded in 2021. But why should business owners care about this now? This quarterly tax credit can pay up to $28,000 annually ($7,000 per quarter) per employee. As you keep employees on the payroll, more benefits will become available to you.
How can I qualify for these funds?
Qualifying for the ERC is simple. Businesses must have 500 or fewer employees and need to have been partially closed due to a government mandate or have seen a decline in revenue by at least 20% from the quarter the previous year. One exception is for small businesses that opened after February 15th, 2020. These businesses must demonstrate that they have less than $1 million in annual gross receipts since opening. If your small business does qualify, you could receive up to $50,000 in ERCs per quarter!
Where does 19:21 come in?
The ERC process is incredibly rewarding but can be time-consuming for a business owner. 19:21 has vetted a trusted resource to help you through the application process and secure those additional funds for your business.
The cost of doing business is higher now than it has ever been. Reward your business for retaining its long-term employees and successfully withstanding the COVID-19 pandemic.