Why is the Employee Retention Credit (ERC) important to Synergi Partners and your credit union of 25 or more employees?
In late December 2020, Congress revised relief options available to businesses affected by the pandemic, including refundable credits for retaining employees in both 2020 and 2021. The Consolidated Appropriations Act, 2021 expanded and extended the provisions of the Employee Retention Credit.
In March 2021, the stimulus package extended the credits for another six months making employees eligible through December 31, 2021.
You may be eligible to receive a tax credit up to $33,000 per employee. These are refundable payroll tax credits that can be used by the credit union in any manner to improve operations, facilities or employee development.
To be eligible, your business must have been fully or partially suspended due to government orders OR experienced a reduction in year-over-year gross receipts of 50% in 2020 and 20% in 2021. The vast majority of credit unions quality under the partial suspension pathway.
In partnership with Leverage, Synergi Partners & OneDigital can help you maximize credits and keep you in compliance.
What are common partial suspension impacts to credit unions?
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