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Anticipated Employee Retention Credit Extension to Further Economic Relief to Businesses Including PPP Recipients
(Florence, SC – February 11, 2021) In the last year, Congress and the Administration have taken extraordinary actions to provide important targeted assistance to families, businesses and the unemployed in response to the COVID-19 pandemic. This includes the CARES Act Employee Retention Credit (ERC) which was recently extended and expanded through the second relief stimulus that was passed in December. The recent legislation extended the eligibility period to June 30, 2021 and expanded the credit cap to $19,000 per employee, among other provisions.
Another round of stimulus for COVID-19 relief is being discussed on the Hill. The Ways and Means Committee will consider legislative proposals under the budget reconciliation instructions this week. Included in section 9651 of the Committee’s budget reconciliation instructions is a six month extension to the ERC. The legislation would extend the program’s eligibility period to the end of this year, December 31, 2021, and remain under the terms that were enacted December 2020. The extension would allow employers to receive up to $14,000 in additional credits per employee, or up to a total of $33,000 in refundable tax credits per employee.
Synergi Partners is monitoring legislation closely and we are prepared to assist you in claiming these much needed and valuable credits. We anticipate legislation to be signed by March 13, 2021. In the meantime, if you have any questions, please don’t hesitate to reach out us at 843-519-0808.
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About Synergi Partners
Comprised of tax credit veterans with many years of experience serving clients of all sizes and in virtually all industries, Synergi Partners specializes in helping employers take advantage of federal and state tax credit programs, as well as disaster relief incentives.
With an executive team made up of thought leaders who have made significant contributions to the tax incentives industry, Synergi Partners’ main goal is to provide the best service available and to achieve maximum value for its clients.