ERC: Key 2021 Updates

The Employee Retention Tax Credit (ERC), was created back on March 27, 2020 along with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In December 2020, it was altered so that many employers could now take advantage of it, even if they received Paycheck Protection Program loans – retroactively for 2020 and for the first three quarters of 2021. Now, the program has been updated once again to be even more advantageous to employers: they will be eligible to receive up to $26,000 per employee for 2020 and 2021 combined. MP’s HR services team reveals the latest updates you need about how this program could infuse a huge cashflow back into your payroll system.