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 Be wary of ERC mills that claim you could qualify for large amounts; those examples likely come from larger companies. It takes time for the IRS to process your information, so it’s best to apply sooner rather than later, so you don’t get stuck in a backlog. Visit this post for more information on frequently asked questions about the ERC. 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.