Priority Concepts - What is ERC

About FAQ What is ERC

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What is ERC?

The Employee Retention Credit

The Employee Retention Credit was introduced in the CARES Act that Congress enacted to help stabilize businesses in the wake of Covid-19. It is a refundable tax credit available to small and medium-sized businesses. As such, it is a grant and not a loan – you never need to worry about repaying the ERC.

The funds were initially designed to help businesses retain their employees in the aftermath of Covid-19 to to help get businesses back on their feet by offering a generous payroll tax refund through the IRS.

Key ERC Takeaways

Your business can receive a refundable tax credit of up to $26,000 per employee
The ERC was available for all of 2020 and the first 3 quarters of 2021
Businesses struggling with Covid events or decreased revenue due to the pandemic can qualify
Your business can receive a refundable tax credit of up to $26,000 per employee
There is no limit on funding available through the program
You never need to repay ERC tax credits

Is My Business Eligible for ERC?

Many small and medium-sized businesses qualify for the program. To do so, you must have experienced a negative impact such as:

You were required by the government to shut down your business partially or completely during 2020 or 2021
You experienced negative, Covid-related events during at least one quarter of 2020 or 2021
Your gross receipts were reduced for 2020 and/or 2021 compared to pre-Covid numbers
There is no limit on funding available through the program
You never need to repay ERC tax credits

Why Choose Priority Concepts?

We offer unparalleled expertise in determining your eligibility for ERC
We provide a comprehensive analysis and feedback on your claim
We deliver expert guidance throughout the claim process, including on documentation
Our team has specific program experience unavailable through CPAs and other tax professionals
We offer a seamless, painless process from beginning to end

Find The Funding Your Business Needs To Succeed

Across the US, small- and medium-sized businesses are struggling or have already failed due to economic pressures created by the Covid-19 pandemic. That doesn’t have to be your situation, though—there is a solution. The ERC program offers access to funds through refundable tax credits (grants, not loans) that can stabilize your business and help ensure that you have the funding required to not just survive but thrive. We help you tap into that revenue.

Get Qualified Now

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About FAQ What is ERC

Many small and medium-sized businesses qualify for the program. To do so, you must have experienced a negative impact such as:

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