Employee Retention Credit-ERC Updates (Restaurants of Hawaii)
ERC What You Need to Know for 2022. The host for this show is Sheryl Matsuoka. The guests are John Gentille, Ave Kwok and Chivon Garcia.
On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law, and the Employee Retention Credit sunset date was moved from 12/31/2021 date to 9/30/2021 (for businesses other than ARPA Recovery Startup Businesses). HOWEVER, this does not mean the ERC was eliminated! Eligible businesses may still apply for stimulus funds based on financials between 3/13/2020-9/30/2021. Additionally, under the ERC is the Recovery Startup Businesses program. This program covers businesses started after February 15, 2020. These businesses can still receive tax credits through the end of 2021. The ERC offers qualified startup businesses a credit of up to $50,000 for the third and fourth quarters of 2021. We are discussing all of these updates and finding out more about what qualifies as a start up business program.
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