COVID-19 has presented significant financial challenges for construction companies, leaving many feeling like they're building a skyscraper in quicksand. However, there is a lifeline available in the form of the Employee Retention Credit (ERC). This guide will serve as your blueprint for understanding and utilizing the ERC to stabilize your company's foundation during these tough times. From its inception under the CARES Act to eligibility criteria specific to construction firms, calculating the credit amount, and claiming it effectively, we've got you covered. We'll even explore how to navigate PPP loans alongside the ERC. So put on your hard hat and let's dive into the world of ERC construction!
Understanding the Employee Retention Credit (ERC)
The Employee Retention Credit, or ERC, is a financial relief measure introduced to help businesses weather the storm of COVID-19. For construction companies, the ERC serves as scaffolding, supporting and retaining employees during these challenging times.
The Inception of ERC under the CARES Act
In March 2023, Congress passed the
By: Stephen Swanick
Title: Securing Your COVID-19 ERC Construction Company Credit
Sourced From: erctoday.com/erc-construction-companies/
Published Date: Tue, 26 Sep 2023 18:23:25 +0000