As businesses of all sizes and in all industries became directly or indirectly affected by regulations and shutdowns caused by the COVID-19 pandemic and the resulting economic downturn, it became clear that U.S. companies needed significant financial assistance to remain open. The federal government authorized billions of dollars in aid specifically for businesses through the Employee Retention Credit (ERC) within the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). A refundable employment tax credit for eligible employers based on qualified wages and health plan expenses, the ERC allowed employers to use the funds to continue to pay existing employees and keep business running and staff working during the economic fallout caused by the Coronavirus.
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