MIAMI - eTradeWire -- EMPLOYEE RETENTION TAX CREDIT PROGRAM TO CONCLUDE APRIL 2025

The Employee Retention Tax Credit (ERTC), a vital relief measure introduced to support businesses during the COVID-19 pandemic, is set to conclude in April 2025. Employers who have yet to file claims for eligible wages are urged to act promptly to take advantage of this valuable opportunity before the deadline.

Created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, the ERTC has provided billions of dollars in financial assistance to help employers retain staff and recover from the economic impact of the pandemic. The program offers refundable tax credits for qualified wages paid to employees during specific eligibility periods.

Initially intended as a temporary measure, the ERTC was extended and expanded several times due to ongoing challenges faced by businesses. However, with economic recovery progressing, the program will officially close to new claims after April 15, 2025, the final date for filing amended payroll tax returns for qualifying periods.

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Eligibility and Key Deadlines

The ERTC is available to eligible employers who experienced either a significant decline in gross receipts or were subject to a full or partial suspension of operations due to government orders during the pandemic. Employers can claim credits for qualified wages paid between March 12, 2020, and September 30, 2021 (with specific provisions for recovery startup businesses extending to December 31, 2021).

Businesses that have yet to explore their eligibility are encouraged to consult with tax professionals or payroll providers to assess their potential claims.

Encouraging Action

"Over the past few years, the ERTC has been instrumental in helping businesses stabilize and rebuild," said Paul Schaverien. "As the program approaches its conclusion, we want to remind eligible employers not to leave money on the table. This is a once-in-a-lifetime opportunity to recover funds that can make a real difference in their operations."

For more information about the Employee Retention Tax Credit, including eligibility requirements and how to file a claim, visit https://portal.ertcexpress.com/qualify/paulsch