Employee Retention Credit Enhanced and Expanded for Further Economic Relief to Businesses
(Florence, SC – December 27, 2020) – On Sunday, December 27, 2020, the President signed a $900 billion COVID-19 relief package into law that includes additional relief for businesses. Specifically, the new legislation amends, expands, and enhances the CARES Act Employee Retention Credit (ERC).
The ERC was previously unavailable as an option for relief to businesses that received Paycheck Protection Program (PPP) loans through the SBA. However, the new legislation explicitly provides a retroactive amendment to March 27,2020 and clarifies these businesses are eligible to receive the ERC—just not on wages paid with PPP loan funds. Other important changes to the ERC include: (1) a prospective credit increase from 50% of up to $10,000 of qualified wages annually to 70% $10,000 of qualified wages per quarter starting January 1, 2021; and (2) public universities and hospitals are now considered eligible employers.
Synergi Partners is prepared to assist in determining eligibility, calculating, and monetizing the ERC. Synergi Partners has an experienced team which has developed a proprietary methodology, proven to be efficient and maximize your credits!
To stay up to date on the latest legislative news, please follow Synergi Partners on social media:
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.