Various governments across the world put in extensive effort into COVID relief programs. These took on many shapes and forms, one of which is the Employee Retention Credit. At the time, this credit program was aimed at promoting employee care and retention. The idea behind the credit is if employees stay paid, then businesses will earn savings through the credit.
While the program itself ended in 2021, the credit can still be refiled for and earned even today. So while the program initially acted as an incentive, today it’s money waiting for eligible businesses to claim it. In terms of who can claim it today, there are a few select criteria. The first and most simple are being U.S operated and having accessible qualified wages.
For those businesses that fit both those criteria, the question is then if COVID hurt the business. This can come in the form of previously being a Recovery Startup Business. It can also come in the form of lost revenue or work hours due to the pandemic. Many many businesses qualify today that still have not taken advantage of the credit. So what is the credit today, it’s money people earned and better claim while they still can.
