New Legislation Bring Employee Retention Credit Updates

Back in January 2021, we shared with you a breakdown of the changes to the Employee Retention Credit resulting from the Consolidated Appropriations Act of 2021. These updates greatly enhanced the credit, extending the covered wage period, increasing the overall wage ceiling, and more.
Fast-forward to the new American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021, which brought with it another round of updates to the Employee Retention Credit.
Here are the main points you need to know:
To learn more about how ARPA has effected Small Business Administration loan programs and the Families First Coronavirus Response Act of 2020, please read our article on the SBA/FFCRA updates.
As with any major piece of legislation, we are still waiting for additional guidance. Do not hesitate to contact a member of our tax team with any questions you may have regarding these updates and how they may affect your business. We will update this article as soon as more information becomes available.