---
title: ERC/PPP Update | Lift HCM
description: Learn about the updated Employee Retention Credit Program, now allowing companies with PPP loans to claim credits. Get up to 70% of qualified wages as a tax credit. Contact your CXR for more information.
---

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# Employee Retention Credit (ERC) Program

##### An update from us regarding changes to the Employee Retention Credit Program

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% (in 2020) and 70% (in 2021) of the qualified wages an eligible employee is paid. 

A company that received or receives a PPP (Paycheck Protection Program) loan is no longer prohibited from claiming the employee retention tax credit. 

- The credit can be used against certain employer taxes
- For qualified wages paid in 2020 you can receive a credit of 50% of each employee's wages up to $10,000.
- In 2020 the annual cap credit is $5,000 per employee (across all Quarters).
- in 2021 the credit increases to 70% of wages per employee up to $10,000 per quarter for the first two quarters of 2021 (possible $14,000 credit per employee).

 

To determine if you have potential credits please click [here](https://lifthcm.com/hubfs/erc/cares-act-erc-guide.pdf?hsLang=en) for ERC Guide

To complete the ERC worksheet for wages paid in 2020, Click [here](https://lifthcm.com/hubfs/erc/cares-act-erc-worksheet.pdf?hsLang=en).

Please contact your CXR with any questions.

 

 

 

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