Top Things You Might Not Know About The ERC When You're In The Health Industry

If you are involved in the health industry, you might want to educate yourself about the employee retention credit (ERC). These are some of the things that you might not know about the ERC but that you might want to know if you're involved in the health industry. Once you know a little more about this credit, you might find that you'll want to claim it if you are eligible to do so.

It's an Option for Different Types of Healthcare Businesses

As you might already know, there are lots of different healthcare businesses of all different types. You could be wondering whether or not your business qualifies for the ERC. Whether you run a primary care practice, dental practice, hospital, or some other type of healthcare business, the ERC might be an option for you.

You Can Get a Credit for Each Employee

With the ERC, you can get a credit for each employee who is employed for your business. When you work with a professional who will help you with calculating and claiming your ERC, you should make sure that you let them know about the number of people who work for your healthcare business.

It Varies Based on the Number of Employees

The calculation of how much you will be able to claim as an ERC will depend on the number of employees that your healthcare practice employs. Be aware, though, that whether you run a small healthcare business or a much larger healthcare business, there is a good chance that you will qualify to claim this credit.

A PPP Loan Doesn't Disqualify You

If you are like many healthcare business owners, there is a good chance that you took out a paycheck protection program (PPP) loan. You might think that you will not be able to claim the ERC if you took out one of these loans, but you should know that this is not the case. Luckily, healthcare employers can take advantage of more than one pandemic-related program.

It's understandable that you might not know much about the ERC, but of course, you'll want to know as much as possible about this credit so that you can take full advantage of it. There is a lot of information out there about the ERC. However, there are also tax professionals and other professionals who can educate you more about the ERC and who can help you claim this credit.

Contact a professional to learn more about the health industry ERC.