The American Rescue Plan Act (ARPA) extends Employee Retention Credit extends through December 31, 2021.
From Kreischer Miller:
The Employee Retention Credit (ERC) is a refundable tax credit available to employers who experienced a decline in their gross receipts or who were required to fully or partially shut down their business. The ERC was originally introduced under the CARES Act, but recent legislation extended the credit through December 31, 2021 and enabled Paycheck Protection Program loan recipients – for Round 1 or Round 2 loans – to be eligible to receive the credit.
The ERC will offer a potentially significant tax savings opportunity for many businesses in 2020 and 2021. The ERC is a fully refundable payroll tax credit for employers up to a maximum of $5,000 for each employee in 2020 or $7,000 per employee per quarter in 2021.
