A Rundown of the COVID-19 Impact on Business Tax Legislation

In response to the unprecedented coronavirus pandemic, and its accompanying economic disruptions, Congress has passed significant legislation to provide small-business owners with relief. This legislation includes some tax credits that might offer immediate relief. If your business has been impacted by the COVID-19 crisis (and at this point, it’s hard to imagine any business that hasn’t been), here are some tax credits worth knowing about. 1) Employee Retention Tax Credit (ERTC)Who’s eligible: Any business that had to partially or fully suspend its normal operations due to the coronavirus; or any business whose gross receipts are down 50% or more when compared with the same quarter