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Economic Development

Posted on: September 21, 2022

Employee Retention Credit

Illustration showing a gray spherical virus with red spikes on the outer surface.

Was your business impacted as a result of the pandemic?

The Employee Retention Credit is claimed by amending a business's quarterly IRS payroll tax returns and is based on the wages the business paid to its employees during 2020 and 2021. A business may be eligible for the credit if a government order limited its operations by forcing the business to close, required capacity restrictions or otherwise restricted its business functions. A business may also be eligible for the ERC if it had a significant decline in revenue in any quarter, since the beginning of the pandemic through the third quarter of 2021.

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