What Is ERTC?

The main goal of the Employee Retention Tax Credit (ERTC) or ERC Services is to offer financial support to businesses that have been adversely impacted by the COVID-19 pandemic. This federal tax credit is designed to provide relief to employers who have either been ordered to close by the government or have experienced a substantial decrease in their overall revenue.

Under the ERTC, eligible businesses are entitled to a refundable tax credit that can be as much as 50% of the wages paid to their employees, with a maximum of $10,000 per employee. This credit is specifically meant to help businesses weather the economic hardships they face during this challenging period. Additionally, businesses can avail themselves of supplementary credits based on their workforce size and the salary amounts they have disbursed. These additional credits aim to further assist businesses in maintaining their operations, keeping their employees on the payroll, and ultimately sustaining their overall productivity.