The economic conditions created by the COVID-19 pandemic have been easing in recent months due to the widespread distribution of the vaccine. Rolled-back restrictions have restored consumer confidence and increased demand. It was reported that the state unemployment rate for June had fallen to 4%, sharply lower than the 5.9% national average. Despite this, many Atlanta businesses are still struggling to overcome a year of lost sales and lackluster financials. Unfortunately, the recent closure of the Paycheck Protection Program (PPP) and Restaurant Revitalization Fund (RRF) has made it even more difficult. Although it may seem options are running out, it is important not to forget about the Employee Retention Tax Credit (ERC). This payroll-based tax incentive provides a valuable tax credit for retaining employees under certain conditions. Even if a company did not qualify in 2020, the regulations were changed for 2021 expanding eligibility and offering greater savings. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
There were several important changes made to the ERC when the Consolidated Appropriations Act, 2021, was passed at the end of last year. Not only was the credit extended through July 31, 2021 (and later extended through the end of the year), but several other favorable changes were made, including:
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Although many of the popular SBA programs are no longer available it does not mean Atlanta businesses are out of options. The changes to the Employee Retention Tax Credit offer a compelling savings opportunity for those who qualify. If you have questions or need assistance claiming the credit, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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