Employee Retention Credit (ERC) – Small Business Updates from Treasury
Wednesday, August 25, 2021, 12:00pm EST
Join officials from the U.S. Department of the Treasury, along with NFIB experts Beth Milito and Holly Wade, for a webinar on Wednesday, August 25, from 12 to 1 p.m. EDT to discuss the ERC, a refundable tax credit worth up to $33,000 per employee. During the webinar, participants will learn how the credit works, eligibility requirements for 2020 and 2021, how businesses can claim the credit, the amount of the credit, and the timeline for receiving the credit. Participants are invited to submit EIDL, PPP, and ERC questions during our live Q&A session!
About the 2020 ERC
The ERC is a tax credit against certain payroll taxes for wages paid between March 12, 2020 and Dec. 31, 2020. The tax credit is 50 percent of the wages paid up to $10,000 per employee. If the amount of the tax credit for an employer is more than the amount of the employer’s share of social security tax owed, the excess is refunded directly to the employer.
About the 2021 ERC
In addition to claiming tax credits for 2020, small businesses should consider their eligibility for the ERC in 2021. The ERC is now available for all four quarters of 2021, up to $7,000 per quarter. The level of qualifying business disruption has been reduced so that a 20% decline in gross receipts during a single quarter will make a business eligible, for a maximum yearly benefit of $28,000 per employee.
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Senior Executive Counsel, Legal Foundation, NFIB
Beth Milito is responsible for managing litigation and amicus work for NFIB. She has testified before Congress, federal agencies, and state legislatures on the small business impact of labor and employment issues. Ms. Milito assists businesses facing employment discrimination charges, wage and hour claims, wrongful termination lawsuits, and in most other areas of human resources law. She is a frequent media spokesperson on employment and labor matters.
Executive Director, NFIB Research Center
Holly Wade is the executive director of research and policy analysis for NFIB, where she conducts original research and studies public policy effects on small businesses. She produces NFIB’s monthly Small Business Economic Trends survey and surveys on topics related to small business operations. Holly is also a member of the Board of Directors of the National Association for Business Economics (NABE). She has undergraduate degrees in Political Science and Sociology from the University of Washington, and a Masters of Public Policy from the University of Denver.