Employee Retention Credit – Tax Relief for Businesses
The Employee Retention Credit (ERC) scheme ensures a refundable tax credit of 50% up to $10,000 in wages to encourage businesses to retain their employees following the economic hardships of COVID-19.
ERC Is Applicable For 2020 & 2021
Since the ERC is enacted under the CARES Legislation act, its benefits are extended for 2 years to help employers and employees cope in the pandemic-afflicted economy.