Companies that were founded after February 15th, 2020 are eligible for the Employee Retention Tax Credit (ERC or ERTC’s), also known as a ‘Recovery Startup Business’. This tax credit aims to help new businesses with their cash flow during difficult times by providing them with financial incentives when hiring employees. The American Rescue Plan Act of 2021 allows recovery startups to receive up to 80% of wages paid for each employee from June 30, 2021 until January 1, 2022.”
So, if you thought you were not eligible for ERC funding because you started your business after Feb 2020, aren't you glad you found out you do! Although it is not as much as regular ERC allowance for those that were in business prior to Feb 2020, surely it will come in handy.
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