Whittlesey's Brian Kerrigan and Brenden Healy gave an overview of ERCs at CBIA's June 4 Employee Retention Tax Credit webinar.

The federal Consolidated Appropriations Act, signed into law at the end of 2020, extended the credit through December 31, 2021.

The pandemic relief measure is a refundable tax credit against certain employment taxes equal to 70% of qualified wages with a maximum of $10,000 per employee per quarter with an annual limit of $28,000 per employee for 2021.

These credits provide an immediate cash infusion into eligible businesses and organizations.