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 for ERC Guide

To complete the ERC worksheet for wages paid in 2020, Click here.

Please contact your CXR with any questions.