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Will the Employee Retention Credit (ERC) be Extended Beyond 2021

George Ronald by George Ronald
February 26, 2023
in Business
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Employee Retention Credit

Employee Retention Credit

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The Employee Retention Credit (ERC) has been a valuable tax credit offered by the IRS to assist small businesses in retaining their employees during challenging economic conditions, such as those caused by the COVID-19 pandemic. While the credit has provided much-needed relief to eligible businesses, many are wondering if the ERC will be extended beyond 2021.

Background on the ERC

The ERC was introduced as part of the CARES Act in March 2020 and has been expanded and modified several times since then. The credit is designed to help eligible businesses retain employees by providing a refundable tax credit of up to 70% of qualified wages paid to employees, up to a maximum credit of $5,000 per employee per calendar quarter.

You may like to check the ERC FAQ.

Eligibility for the ERC

To be eligible for the ERC in 2021, your business must have experienced one of two scenarios:

  1. Your business was fully or partially suspended due to a government order related to COVID-19, OR
  2. Your business experienced a significant decline in gross receipts, generally defined as a decline of 20% or more in gross receipts compared to the same calendar quarter in the prior year.

If your business meets either of these eligibility criteria, you may be able to claim the ERC for qualified wages paid between January 1, 2021, and December 31, 2021.

Possible Extension of the ERC

As of now, it’s uncertain if the ERC will be extended beyond 2021. The credit was originally set to expire at the end of 2020 but was extended through the Consolidated Appropriations Act, signed into law in December 2020. The American Rescue Plan Act, signed into law in March 2021, further extended and expanded the ERC through the end of 2021.

While there have been discussions of extending the ERC further, no concrete plans or legislation have been announced as of yet. However, given the ongoing economic challenges posed by the pandemic, there is a possibility that the ERC could be extended again in some form.

Must check the Employee Retention Credit FAQs to understand it better!

Conclusion

The Employee Retention Credit has been a valuable lifeline for eligible businesses struggling to retain their employees during the pandemic. While it’s uncertain if the ERC will be extended beyond 2021, businesses should continue to monitor legislative developments and prepare to take advantage of the credit if it is extended. By staying informed and proactive, you can ensure that your business is positioned to weather the ongoing economic challenges of the pandemic.

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George Ronald

George Ronald

Hello Everyone!!!! I'm George and I recently started writing on GoogleTrend about trends worldwide. As we are all super busy with life, I am passionate about change and growth, but cover a variety of topics. I try to integrate how to stay fit, relax and be healthy and happy through everyday life..

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