As businesses throughout the country continue to feel the massive impact of COVID-19, the IRS’s Employer Retention Tax Credit (ERTC) aims to provide much needed relief for businesses who have kept employees on the payroll, even if they were not working during the covered period due to the effects of the coronavirus outbreak.  Extended through the end of 2021, the provision is designed to support the business community in its ongoing struggle to recover.

The IRS’s Employer Retention Tax Credit (ERTC), included in the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, allows business owners to obtain a refund of payroll taxes paid from March 13, 2020 through the end of this 2021 calendar year. However, the requirements to obtain this tax credit have evolved substantially since it was first unveiled, making it difficult to obtain for many owners. 

Let’s start with the question on everyone’s mind- How much of a tax credit can you expect to get?