This presentation will discuss the changes to the Employee Retention Credit (ERC) that was included in the relief bill passed at the end of 2020 for employers who closed, partially closed, or experienced significant revenue losses as a result of COVID-19. The credit aims to encourage businesses to keep employees on their payroll. For 2020, employers can use both the ERC and the Paycheck Protection Program, but not for the same payroll (no double dipping). For 2021, eligibility criteria have been eased and the amount of credit increases.
Key changes include:
- Qualifying revenue loss reduced from 50% to 20%.
- Maximum credit per employee per quarter increased to $7,000.
Speakers: Michael Hecht - President & CEO, Greater New Orleans, Inc. Click for Bio
Ileana Ledet - Vice President of Policy, Greater New Orleans, Inc. Click for Bio