Business Education

The McLean County Chamber of Commerce sits down with Nicole Allen from Insight CPAs and Financial PPLC to review the Employer Retention Credit (ERC).

The Employee Retention Credit is a credit taken on employers payroll tax returns (Federal 941s) calculated on qualifying wages paid to employees from March 12, 2020 - June 30, 2021.  The Employee Retention Credit was previously not available for those businesses that received a PPP loan, but recent legislation has now opened up this opportunity for those that have also received PPP loans.