Is your small business is eligible for the Employee Retention Tax Credit (“ERTC”)?

If you are eligible, this tax credit could be even more lucrative for your small business than the Paycheck Protection Program (“PPP”) loans.  Plus, you may be eligible even if you received a PPP loan!

Consider these questions:

  1. Was your business fully or partially closed during 2020 due to governmental orders resulting from COVID-19?
  2. Were your gross receipts for at least one quarter in 2020 less than 50% of what they were for the same quarter in 2019?  Or were (or are) your gross receipts in any quarter in 2021 less than 80% of what they were for the same quarter in 2019?
  3. Did you employ fewer than 100 full-time employees during 2020 or fewer than 500 full-time employees during 2021?  (Or if you had more than 100 employees in 2020 or more than 500 employees in 2021, did you pay employees who were not providing services due to suspended operations?)

If you answered yes to either #1 or #2, and yes to #3, you may be eligible for the ERTC. Please contact us so we can help determine if you are eligible and how you should claim the credit.

You can contact your accountant at Isdaner & Company or Mitch Gerstein or Amy Stumhofer.