ERC Overview • CARES Act • Reward employers for retaining their employees • Eligible Employers • Full or Partial Suspension of Business operations due to a government order or • Decline in Gross Receipts (50% in ‘20, 20% in ’21 ) • Tax Credit • Refundable Payroll Tax Credit based on Qualified Wages • Taken Against Employer Federal Payroll Tax Deposit (Not FUTA) • Refunded to Taxpayer Regardless of Liability • Maximum Credit • 50% of $10,000 in qualified wages in 2020 (Annual Wage Cap) • 70% of $10,000 in qualified wages in 2021 (Quarterly Wage Cap) • $5k 2020 + ($7k x 3Q 2021) = $26k per employee potential • Small Empoyers credit range from $3,000 - $16,000 per employee (‘20 and ‘21) • Large Employers credit ranges from $750 - $6,500 per employee (‘20 and ‘21) • ERC amounts determined after underwriting analysis • WAGES USED ALREADY FOR PPP FORGIVENESS CURRENTLYCAN’T BE USED FOR ERC PURPOSE