Overview of the Employee Retention Tax Credit
As part of Payroll Vault’s commitment to providing businesses with knowledge on the latest legislation pertaining to their operations, Payroll Vault's COO, Tricia Petteys, provides an overview of the Employee Retention Tax Credit. She will list major highlights to help you better understand the qualifications and why it will benefit your business.
The Employee Retention Tax Credit was offered through the CARES act in 2020. Originally, businesses were not eligible if they received a PPP loan, so almost no one took advantage of it. However, with the updated Consolidated Appropriations Act that passed in December 2020, the government will allow businesses who received PPP loan funds to also apply for the ERTC.
Please reach out to your local Payroll Vault office for assistance and guidance.