If the pandemic impacted your business or nonprofit, you’re likely to be eligible for an Employee Retention Tax Credit (ERC). It’s a refundable, advanceable credit—not a loan. Many employers of all sizes and industries (even nonprofits) are claiming ERCs of hundreds of thousands of dollars– some over $1 or 2 million. The ERC program has dramatically expanded eligibility and increased the amounts of potential claims. You can still easily file for yours retroactively. Learn more about how this unprecedented pandemic financial aid with MP’s Essential ERC Toolkit.
ERC Award Examples:
A restaurant and brewery with 100 employees claimed an ERC of $1.5 million. They qualified based off of government shutdowns, limited customer capacity, and a reduction in gross receipts.
A health and fitness center with 20 employees claimed an ERC of $100,000. They qualified based on memberships dropping significantly, and masking and social distancing requirements forced them to limit class sizes.
A religious organization with 65 employees claimed an ERC of $500,000. They claimed an ERC primarily because of their childcare and preschool program, limited by government shutdowns and restrictions. Additionally, their gross receipts declined, and membership waned due to pandemic safety concerns.