The Employee Retention Credit (ERC) program was authorized under the CARES Act to provide economic assistance in the form of employment tax credits and refunds to employers who met certain eligibility requirements during the 2020 and 2021 tax years. Employers who met the eligibility requirements in both years, are entitled to receive up to $26,000 per employee ($5,000 per employee in 2020; $21,000 per employee in 2021) in refunds of federal employment tax. In order to claim the refunds, employers are required to file an amended employment tax report (Form 941X) for each quarter that they were eligible. There are three applicable quarters that may be amended for each year. In 2020, the ERC may be claimed for the period extending from March 12, 2020 through December 31, 2020 (the short period extending from March 12, 2020 – March 31, 2020 is added to the second quarter of 2020 for purposes of claiming the ERC refund). As a result, a 941X may be filed for Q2-Q4, 2020. In 2021, the ERC may be claimed in Q1-Q3. The ERC is not a loan and is not required to be repaid by the employer.

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