Under this program, your businesses can receive advance payments of the ERTC, which is a refundable tax credit designed to help businesses retain their employees during times of economic hardship. The ERTC is equal to 70% of qualified wages paid to employees, up to a maximum of $7,000 per employee per quarter.
To be eligible for the ERTC Advance Payment program, your business must have experienced a decline in revenue or been subject to a full or partial suspension of operations due to government orders related to COVID-19. The amount of the advance payment is based on the estimated amount of the credit that the business will be eligible to claim.