Employee Retention Tax Credit

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Tax Credits

Employee Retention Credit

In order to provide economic relief to businesses and individuals during the Coronavirus pandemic, the CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law in March 2020. This $370 billion stimulus package makes funding available to small companies, which can be used to allow certain employers who retain employees during the crisis, to claim a tax credit. This tax credit is known as the Employee Retention Credit (ERC).

Do I Qualify?

Employee Retention Credit Details

  • 2020: CARES Act

    • March 13, 2020 – December 31, 2020

    • 50% of up to $10,000 qualified wages per year for full-time employees.

    • Maximum credit of $5,000 per employee

    • Wages total cannot include those paid by forgiven PPP loan proceeds

  • 2021: Covid-19 Relief Package

    • January 1, 2021 - December 31, 2021

    • 70% of up to $10,000 qualified wages per quarter for all 2021 quarters

    • Maximum credit of $28,000 per employee

How much money could you have coming?
We can help you find out!

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Hear It From Our Clients

We have helped recover thousands for our small business clients with the Employer Retention Credit. Will you be next?

"I'm totally blown away! Thank you, Stacey, for showing me that I qualified for ERC, thank you for introducing me to what the CARES Act is providing small businesses like mine. Wow! I am just blown away." - Jennifer Filzen of Rock Star Marketing in Monterey, CA
May 11, 2022
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"This year, they have made it much MUCH easier to qualify. We've made it SO easy to apply. We just had a company with 9 employees receive $51,000 credit for one quarter. ... Don't miss out!" – Stacey Doege, Finances Made Simple
June 22, 2021
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"Stacey took care of everything – it was just seamless. ... I am so grateful for Stacey and her team. I would absolutely recommend the team at Finances Made Simple! They made such a difference and impact for me and my company." – Sandra Lauer, Well & Co. in Alexandria, MN
October 1, 2022
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Does My Business Qualify?

2 Ways to Qualify

1. You had a full or partial suspension of business operations.

  • Partial shutdown example – indoor dining was not allowed at a restaurant, but take-out was available.

  • Full shutdown example – under the CA stay at home order, child day care centers were completely closed

  • If an employer does not meet the revenue threshold, they may still qualify if they experienced either a partial or full shut-down of business operations.

2. You had a significant decline in revenue compared to the same quarter in 2019.

  • For 2020: A 50% decline in revenues in any quarter compared to the same quarter in 2019

  • For 2021: A 20% decline in revenues in any quarter compared to the same quarter in 2019

  • ERC Expiration: ERC ends when quarterly revenue in 2020 exceeds 80% for the same quarter in 2019.

Trust the experts at Profitmax

We handle it all for you.

This refundable tax credit for businesses and tax-exempt organizations has different requirements depending on the time period for which you claim the credit – and we can help through the entire process: application to refund checks!

  • Determine and document qualification for ERC

  • Calculate the ERC, including the forgiven PPP amount if applicable

  • File the relevant documents with the IRS

  • Defend claims if required by audit

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