TUCSON, Arizona, March 3, 2021 / PRNewswire / – The Internal Revenue Service is implementing the 8,000-page 2021 Covid-19 CARES Act, which was rushed by Congress on December 21, 2021. The bill contains a formidable financial relief program. for small U.S. businesses affected by the Covid-19 shutdown – the CARES 2021 Employee Retention Tax Credits (ERCs).
The CARES 2021 ERC Act provides small businesses, including restaurants, hotels, gyms, and salons, with payments of up to 70% or $ 14,000 of an employee’s salary to retain employees until 30 June 2021. To be eligible for the 2021 Employee Retention Tax Credit, employers have to demonstrate that they have experienced a decrease of at least 20% in their gross revenue from 2020. Small businesses, organizations non-profit, churches and schools …
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