Lydeana Martin, Floyd County Community and Economic Development Director is sharing important information about a tax credit that many of our businesses and organizations could take advantage of.
“Your business may be eligible for large federal Employee Retention Tax Credits now EVEN IF you got PPP assistance (change from last year). If you had gross receipts in any quarter of 2021 that were less than 50% of that same quarter in 2019, you may be eligible. Also, if you started a business after February 15, 2020, you may also be eligible for separate sizable special assistance.
Here’s a video the SBDC did on this Employee Retention Tax credit a couple months ago. Also, below is a chart from an accounting firm for a quick summary
This tax credit now only requires at least 20% drop in one quarter of 2021 compared to 2019. The tax credit can be up to $21,000 per employee. This goes up through 3rd quarter (Sept 30), but the credit will not extend to the 4th quarter of 2021. If any questions, you can reach Tom Tanner at the Small Business Development Center at ttanner@roanokesmallbusiness.org or call (540) 632-1174.”