The Employee Retention Credit (“ERC”) was established by the CARES Act last year to encourage eligible employers to keep employees on their payroll through the use of tax credits during the COVID-19 pandemic. On December 27, 2020, the Economic Aid Act (“EAA”) amended the ERC to make it a much more useful option for eligible small nonprofits. This article covers the original ERC (under the CARES Act) and the expanded ERC (under the EAA), including explanations on which economic quarters your nonprofit might be eligible for the ERC, how to calculate your credit and recommended documentation to maintain a record.
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Pro Bono Partnership of Atlanta