Was your business impacted by COVID? If so, you might qualify for a little-known tax credit up to $26,000 dollars per employee.
That means a business with 10 employees may qualify for a tax credit of $260,000.
You see back in March of 2020 when COVID first hit, the CARES Act passed providing stimulus to small businesses in one of two forms: either small businesses could take a forgivable PPP loan or they could apply for the employee retention tax credit, ERTC. But not both.
Most businesses chose PPP loans. However, on December 27th of 2020, Congress also passed the Consolidated Appropriations Act which introduced the second round of PPP and made two really important changes to ERTC.