Washington area businesses that retained their employees during a tough first year of the corona pandemic will have an opportunity to learn this week about qualifying and benefiting from the Employee Retentional Credit program.
The employers will listen to experts on who might qualify for the refundable tax credit on July 27, when the Asian American Chamber of Commerce and the Maryland Hispanic Chamber of Commerce will jointly host a webinar.
Admission to the online event titled “Strategies for Employee Retention Credit Success” is free, as it is intended to help businesses overcome financial stress that they might have experienced, says AACC founder Cindy Shao.
“We all know the pandemic was a difficult time for several small and medium businesses, and with this webinar, we hope to answer the employers’ questions and make things clear about the criterion for them to qualify and have access to the program,” she said.
The ERC is the short name of the program Employee Retention Credit.
It is also called the Employee Retention Tax Credit or ERTC and is defined as a refundable tax credit for businesses and tax-exempt organizations.
According to the Internal Revenue Service, the requirements are different depending on the time period for which you claim the credit, and it is not available to individuals.
The IRS says on its website that the credit is available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022.
The website says eligibility and credit amount vary depending on when the business impacts occurred.
