The Employee Retention Credit (ERC) Explained

Shanna Tingom's guest today is Aaron Witten of Witten Financial. His firm specializes in helping businesses use the Employee Retention Credit (ERC) related to COVID. He's here to walk us through it. The ERC started with the CARES Act in April of 2020, but it was revised in December of 2020, and again under "Build Back Better" in February of 2021. The latest revision includes the language: “if your business was fully or partially impacted by a governmental shutdown order." This makes it easier for businesses with non-relative W2 employees to qualify. The affected "pandemic period" includes Q2, Q3, and Q4 of 2020, as well as Q1, Q2, and Q3 of 2021. These income-tax-free, refundable credits can run as high as up to $26k per employee over this covered period – making this an extremely valuable shot of cash in the arm of businesses, both large and small. Aaron also breaks down how PPP and EIDL loans could affect eligibility. How do you apply for the ERC? What are the terms, time period, and processes? Aaron gives us an overview. Resources: Aaron's White Paper: Aaron's Website: https://wittenfinancial.com/ Aaron's Phone Number: 270-200-1056 Shanna's Website: https://www.heritagefinancialaz.com/ Shanna's Phone Number: 480-397-1184