Industry Trends

Everything You Need To Know About The Employee Retention Credit From Lendio’s Expert

Apr 14, 2023 • 2 min read
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      Skylar Swallow, VP Of Business Development at Lendio, recently provided an overview of the employee retention credit on a guest appearance of The Hartford’s Small Biz Ahead Podcast.

      Here are the key takeaways for how your business could qualify for thousands of dollars through the employee retention credit.


      About The ERC

      • The employee retention credit is a payroll tax credit for businesses with W-2 employees who saw a decrease in revenue or a government mandate that prevented operations, either in hours or service capacity.
      • Businesses can earn up to $21,000 per W-2 employee in 2021, and $5,000 per W-2 employee in 2022 — for a total of up to $26,000 per employee.
      • To apply for the ERC, businesses must submit an amended tax return for each quarter of 2020 and 2021.
      •  The deadline for refiling for your 2020 quarters is April 2024; the deadline for the 2021 quarters is April 2025.

      Advice For Businesses

      We Can Help

      • There are over 170 pages of the ERC tax code. Lendio’s application helps streamline the collection of all the necessary data and documentation, which is then sent to our vetted tax preparers.

      See If You Qualify For The ERC

      Lendio’s ERC application is designed to simplify the process at every step. 

      About the author

      Lendio's team of experts is here to help you with every nook and cranny of your business. We'll make sure you have the best advice for financing, operations, management, hiring, and much more.

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