07 9 月 Employee Retention Credit: 7k Quarterly Wage Subsidy per Employee for 2021
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The COVID recession isn’t over for everyone. For businesses still struggling to return to 2019 revenue levels, the tax law has a lifeline: a refundable tax credit of up to $7,000 per-employee, per-quarter.
It’s easy to see how $7,000 per quarter, per employee, can add up. For a qualifying company with 50 employees, for example, it could mean as much as $1,400,000 in benefits for 2021.
The Employer Retention Credit was first enacted early in 2020 as a tax credit of up to $5,000 per employee for 2020. It applies to taxpayers who have either:
- Had a full or partial suspension of business due to a government order, or
- Had a significant decline in gross receipts.