This is not happening because businesses are better off than they were last year it is because the PPP still contains structural blockers that are stopping businesses from obtaining the aid they urgently need.Ī recent survey by the Federal Reserve Bank found that 30% of U.S. Millions of businesses across the country are struggling, yet many are not taking the latest version of government aid: a second round of Paycheck Protection Program (PPP) loans. :: Why Are Not Struggling Small Businesses Taking More PPP?
The maximum ERC amount available is $7,000 per employee per quarter or $14,000 for eligible wages paid in the first half of 2021.
How the credit works, depending on the time frameĮligible employers can claim a refundable credit against the employer share of Social Security tax equal to 70 percent of a full-time employee's qualified wages paid-including certain health plan expenses-from January 1 through June 30, 2021. Originally scheduled to end on June 30, ERC will continue through year end, giving business owners access to as much as $33,000 per employee in incentives. The credit is getting extended as part of the American Rescue Plan Act, the $1.9 trillion relief package just signed by President Biden. For instance, that means checking that you've fully utilized the Employee Retention Credit (ERC), the refundable tax credit designed to make it easier for businesses to keep employees on the payroll. With the tax filing deadline approaching, make sure your company is getting all the assistance available from government programs. Small Business Blog - daily small business software blog :: What You Need to Know About Employee Retention Credits
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