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Employee Retention Tax Credit Qualifications
How to Qualify for ERTC?
To qualify, your business must have been negatively impacted in either of the following ways:
A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operating hours, limiting the number of customers on your premise, and the inability to travel or restrictions of group meetings.
Your business experienced a revenue decline of at least 20% in Q1, Q2, and/or Q3 of 2021
Your business experienced a revenue decline of at least 50% in Q1, Q2, and/or Q3 of 2020
Your business is a recovery start up business that started after February 15, 2020. The maximum credit for RSB is $50,000 for Q3 and Q4 of 2021.
Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs.