**NEW CHANGES**
Employee Retention Tax Credit (ERTC)
The new law significantly expands the employee retention tax credit beginning on January 1, 2021. The credit expires on June 30, 2021. The prior credit was 50% on $10,000 in qualified wages for the whole year (or a maximum of $5,000 per employee). The new credit is 70% on $10,000 in wages per quarter (or a maximum $14,000 per employee through June 30th).  

The new law also expands which employers are eligible. Prior to the new law, the employee retention tax credit applied only to an employer who experienced a decline in gross receipts of more than 50% in a quarter compared to the same quarter in 2019. Eligibility is now expanded to include employers who experienced a decline of more than 20%

In addition, the employee cap under which it is easier to claim the tax credit has been raised to 500 employees from 100 employees. Now, employers with 500 or fewer employees can claim the credit for wages to paid to employees irrespective of whether the employee is providing services.  Employers can now also receive both the Employee Retention Tax Credit and a PPP loan, just not to cover the same payroll expenses. 
Does Your Small Business Need Financing?
Loan fund can be used for:

  • Machinery and equipment
  • Working capital (term up to 7 years)
  • Furniture and fixtures
  • Real property (term up to 15 years)

Minimum loan amount: $10,000
Interest rate: 4%
Eligible for profit businesses must employ less than 50 persons
Gross revenue: less than $1 million

This is an Equal Opportunity Program. For more information, please contact Carol Calabrese at 518-873-9114 or ccalabrese@essexcountyida.com
NYS 2021 Agenda
Reimagine | Rebuild | Renew
  • Passing the Medical Supplies Act
  • Comprehensive Telehealth Legislation
  • Ensuring Racial & Social Justice for the Vaccination Effort
  • NYS Public Health Corporations
  • Free Citizen Public Health Training
  • Fight for Overdue Federal Support
  • Pass a Comprehensive Adult-Use Cannabis Program
  • Enable Online Sports Betting
  • Create a Rapid Testing Network to Help Businesses Reopen
  • Facilitating Policing Reforms
  • Facilitating the Creation of Statewide Childcare Options
  • Work to Address Gender Based Violence
  • Provide Rent & Mortgage Relief for Tenants & Small Businesses
  • Eliminate Health Care Premiums for Low Income Residents
  • Continue Liberty Defense Project
  • Strengthen & Expand Access to Elections
  • Creatively Repurpose Unused Commercial Small for Housing
  • Ensure Safe Shelters & Provide Care for Homeless
Are you a business owner ready to retire? Or an entrepreneur looking to purchase an existing business?
The North Country Center For Business in Transition is a dynamic partnership between regional organizations and individuals invested in the retention of local businesses and the future of our communities. The goal is to help owners sell their businesses on the open market, complete intergenerational family transitions or convert to an employee-owned or cooperative model.

If you are a... 
Business owner looking to retire or transfer ownership and you need assistance navigating available resource, finding suitable successors or accessing capital

Or if you are an aspiring entrepreneur looking to:
Purchase an existing business, start on a new career path leading to business ownership or want to find out more about employee ownership models and opportunities