During COVID-19, countless businesses saw their doors shut or at the very least experienced major losses of revenue. Many attempts were made by governments and charitable organizations alike to keep businesses afloat. While the majority of these have come and passed, some are still in effect today. The Employee Retention Credit, a tax credit program which ended in 2021, is still fillable today.
The program was created to reward businesses which kept employees on the payroll throughout COVID. It can save thousands to tens of thousands of dollars per employee. While many businesses have already taken advantage of the credit, there are still countless businesses that haven’t.
In terms of qualification, it’s as easy as suffering from COVID, operating in the US, and qualifying wages. The credit applies differently to different businesses, the larger the business the less employees that apply. Regardless, COVID made it very challenging to treat employees fairly and to keep them paid. For those that managed to do so, make sure to take advantage of the Employee Retention Credit.