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Employee retention credit (ERC) helps employers to pay salaries to their employees while facing a financial crisis caused by the pandemic.
Revenue reduction in any quarter of 2020 and/or 2021
Lack of group meetings
2.
1.
Full or partial suspension of your operations
Reduction in services offered
3.
Shutdowns of supply chains or vendors
4.
5.
A disruption in your business
Lack of travel
7.
6.
Inability to visit a client’s job site
Change in job roles and functions
8.
The inability to deliver the goods and materials to suppliers
9.
10.
ERC can only be dispersed to employers who have seen a significant decline in gross receipts or have been subjected to a government shutdown order.
The employer must have maintained its workforce at 80% of its pre-downturn level.
The credit can surely be claimed against payroll taxes equal to 50% of the wages paid to employees during the period of economic downturn.
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