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Employee Retention Tax Credit (ERTC): What Non-Profits Need to Know
August 18, 2021 @ 10:00 am - 11:15 am
Don’t leave potential money for your non-profit on the table! If your organization has experienced hardships due to the COVID-19 pandemic, you may be able to take advantage of the Employee Retention Credit (ERC). The ERC is a refundable payroll tax credit, available to entities that either had to shutter operations due to government orders limiting commerce, travel or group meetings; or can demonstrate a specific level of revenue losses due to COVID-19. The ERC was included in the CARES Act (March 2020) and may now be claimed by eligible employers (including non-profits) that kept their employees on the payroll despite challenges posed by COVID-19.
Originally, entities that received a Paycheck Protection Program (PPP) loan were ineligible to apply for the ERC, but organizations that received PPP loans – whether forgiven or not – can now apply retroactively for the ERC as long as they are not claiming credit for the same payroll funded through the PPP. Employment cost for both 2020 and 2021 can be claimed. Depending on the time frame and individual circumstances, the credit could be as high as $14,000 per employee per eligible quarter.
Join us to learn what the criteria are to qualify, what expenses are included, and how to apply. Don’t miss this opportunity to recover some significant expenses for keeping your staff employed during the pandemic.
Presenter: Doug Finkle, CPA, MST, Tax Director, SobelCo LLC