The Employee Retention Credit (ERC) is a refundable tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020 to Dec. 31, 2021.
An employer is eligible for the ERC if it:
1. Sustained a full or partial suspension of operations limiting commerce, travel or group meetings due to COVID-19 and orders from an appropriate governmental authority or
2. Experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021 or
3. Qualified in the third or fourth quarters of 2021 as a recovery startup business.
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