The Employee Retention Credit (ERC) is a refundable tax credit implemented as part of the CARES Act in March 2020 to help businesses keep their employees on payroll during the COVID-19 pandemic. While initially geared towards businesses directly impacted by government-mandated shutdowns, it has since been expanded to include other industries, including education.

The pandemic has affected educational institutions such as schools, colleges, and universities, from campus closures to remote learning. Many institutions have experienced financial hardships, leading to staff layoffs and furloughs. However, the ERC can provide much-needed relief and support for these institutions during these challenging times.

Eligibility for ERC

Educational institutions may be eligible for the ERC if they experienced a significant decline in gross receipts or were subject to a government order that fully or partially suspended their operations. Specifically, eligible employers can claim a refundable tax credit of up to $5,000 per employee for wages paid between March 12, 2020, and December 31, 2021.

Benefits of ERC for Education

By taking advantage of the ERC, educational institutions can retain their staff and save money on payroll taxes. The credit can offset the employer’s share of Social Security taxes and the employer’s Medicare taxes on the wages paid to eligible employees. Additionally, the ERC can be used to cover the cost of employee health benefits, including insurance premiums. This can be especially beneficial for educational institutions that have had to offer additional health benefits to staff during the pandemic.

Expert Assistance from GetMyBizRefund

While the ERC can benefit educational institutions significantly, navigating complex tax rules and regulations can be challenging. That’s where GetMyBizRefund comes in.

GetMyBizRefund is an ERC filing service that specializes in helping businesses and organizations in various industries, including education. Their team of experts can help determine eligibility, calculate the maximum credit amount, and complete the necessary paperwork to claim the credit. Don’t miss the opportunity to benefit from the Employee Retention Credit. Contact GetMyBizRefund today to learn how your educational institution can take advantage of this valuable tax credit. Let their team of experts help you navigate the process and maximize your savings during these difficult times.