NEWS
BPM’s Andre Shevchuck Breaks Down the Eligibility Requirements of the CARES Act
Included in the provisions of last year’s CARES Act was a generous refundable employment tax credit named the Employee Retention Credit (ERC) that was designed to allow eligible employers to receive immediate access to the credit by reducing the employment tax deposits they are otherwise required to make, thereby encouraging businesses to keep employees on their payroll.
Partner Andre Shevchuck, in his article for Fast Casual, reviews the benefit of the credit and examines restaurants’ eligibility to claim the ERC. This could be a key lifeboat for some restaurants who have struggled to survive during the pandemic, as Andre says the ERC can generate as much as $7,000 per employee, per quarter.