The Employee Retention Tax Credit Could be Very Valuable to Restaurant Operators
One Boston operator discusses the value of the ERTC provision that Congress recently enhanced in the stimulus bill.
"A tremendous amount of attention has been focused on the forgivable loans from the PPP program, it will surely be a lifesaver for my business. But when I looked at the EMPLOYEE RETENTION TAX CREDIT, I discovered that I can recover $19,000 in tax refunds. This is based on 50% of 8 weeks of payroll, $38,000, that I paid my staff in 2020 that I did not get funded and forgiven by PPP funds. I had 2 weekly payrolls in March after 3/12 and before I had to lay everyone off due to the shutdown ordered on 3/16, and then 6 more weekly payrolls after the PPP money had run out in November before the end of 2020. The program continues in 2021, and it gets even better."
Click here for the form from EF Cost Recovery.