Even if your business received a Payroll Protection Program (PPP) Loan, you may still qualify for the Employee Retention Credit. If you haven’t already claimed the credit in 2020, you still have the opportunity to amend your Q4 Form 941 to benefit from the credit.
Those businesses who benefit from this credit are seeing significant tax savings, up to $5,000 per employee in 2020 and up to $14,000 per employee in 2021. Paychex has a helpful article, New Law Extends Opportunity for Businesses to Claim Employee Retention Credit, that will provide you with some of the key details.
Still have questions? Contact your accountant, or if you know you qualify, reach out to your payroll company.
Still have questions? Contact your accountant, or if you know you qualify, reach out to your payroll company.
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