The Employee Retention Tax Credit (ERTC), which was used in last year’s pandemic relief package to aid small businesses, is being introduced again in a bill by a bipartisan group in the House of Representatives.
The Employee Retention Tax Credit Reinstatement Act, introduced on Tuesday by Reps. Carol Miller, R-W.Va., Kevin Hern, R-Okla., Stephanie Murphy, D-Fla., and Terri Sewell, D-Ala., aims to bring back the Employee Retention Tax Credit.
”By reinstating the ERTC,” Miller said, ”struggling small businesses can access one of the last remaining pandemic recovery programs to receive the help they need to replenish their workforce and get back on track. As we continue to emerge from this public health emergency, we must remember that small businesses in West Virginia and across the country still need our support.”
Miller added that ”for this year’s third and fourth quarters, business owners can qualify for the ERTC as a ‘recovery startup business’ or qualify as a ‘severely financially distressed employer.”’
She pointed out, however, that ”to claim the ERTC as a ‘severely financially distressed employer,’ the business must have suffered at least a 90% decline in gross receipts in a specific quarter compared to the same quarter in 2019.”
