2020 Employee Retention Credit (ERC)

The 2020 Employee Retention Credit ERC allows a maximum of 50% of wages up to $5,000 per employee. The credit began March 12, 2020. It is claimed on Form 941. You may need to amend the first, second or third quarter Forms 941 in order to retroactively claim it. The Employee Retention Credit for 2021 is more generous. It is a max of 70% or 7,000 per quarter, per employee.

There are 2 ways to be eligible for the 2020 ERC.

Business was closed because of shut down by government order
Gross receipts dropped by 50% in any 2020 quarter compared to the same 2019 quarter.

If either of the above happened, do not file your 4th Quarter 941 until you contact us to discuss your the potential ERC.

Illinois Minimum Wage
Beginning Jan. 1, the Illinois Department of Labor will increase the statewide minimum wage rate to $11 per hour and to $6.60 for tipped workers.

Paycheck Protection Program (PPP2)
The second round of the paycheck protection program is coming. If you think you will qualify based on the criteria below please contact us. We will keep you updated as more information becomes available.

We will be sending out updated information as it becomes available. Until then, we sincerely hope you enjoy your holiday weekend.