There might be some confusion about a little-known tax credit, the Employee Retention Tax Credit or ERTC. That’s a shame because it is potentially more powerful and useful than the Paycheck Protection Program, which saved over 128,000 jobs in Johnson County alone last year! Here are the details:
Part of the confusion comes from the fact that the credits are to your payroll deduction accounts (FICA and Medicare) and so many employers are thinking, perhaps, that they would only get 70% of their contributions. These are fully refundable tax credits, however, so it really doesn’t matter how much has been set aside for your FICA contributions – the amount is based upon payroll itself, up to $10,000 per employee, per quarter (70% of $10,000 brings us to the $7,000 per quarter max.). If the credits are more than your withholding deposits, you still get the full amount of the credits.
Want more common sense answers on what may seem complicated? HERE IT IS
WHO IS ELIGIBLE?
Restaurants, bars and other businesses impacted by Covid-19.
The American Rescue Plan Act is providing the Restaurant Revitalization Fund to assist hospitality industry businesses. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
CLICK HERE to learn more, see if your business qualifies, and get help with your application.
Other resources are available through the Small Business Administration. CLICK HERE to learn about those resources.
ACDA Office - Inside Garnett City Hall
131 West 5th Avenue, P.O. Box H
Garnett, Kansas 66032 USA
GREAT NEWS: EMPLOYEE RETENTION TAX CREDIT
Covid-19 Restaurant Revitalization Funding Available