Employee Retention Credit: Do You Qualify?


Employee Retention Credit: Do You Qualify?  

The new Employee Retention Credit (ERC) offers a substantial refundable tax credit to qualified employers, including those who plan to apply for forgiveness of Paycheck Protection Program (PPP) loans. Designed to help businesses impacted by COVID-19, the latest legislation increases the ERC limit on per-employee creditable wages, reduces year-over-year gross receipts decline, and is open to new employers who were ineligible previously. Through the American Rescue Plan Act, the ERC was extended through December 31, 2021.  

Here is what you need to know about the ERC: 

  • Due to recent legislation, businesses may now retroactively apply for the ERC on payroll tax returns starting in Q2 of 2020 even if they received PPP loans. Originally this was a barrier to claiming the ERC.  

  • The excess ERC that is greater than an employer’s payroll tax liability is available as a refund as opposed to a carryforward to another tax period. 

  • For 2020, the maximum refundable ERC is calculated by computing a combination of wages and health care premiums capped at $10,000 then multiplied by a credit rate of 50% (or a maximum credit of $5,000 per employee for the entirety of 2020*).  

  • For 2021, the maximum refundable ERC is calculated by computing a combination of wages and health care premiums capped at $10,000 then multiplied by a credit rate of 70% (or a maximum credit of $7,000 per employee for each eligible quarter). The number of employees a company has is critical to the computation of the ERC.  

Unsure of how to calculate your benefits or to determine if you qualify? Join BPM’s, Specialized Tax Services Partner, Andre Shevchuck and Advisory Director, Brett Hazlett who will discuss how to determine if your business is eligible to receive the ERC, what is classified as qualified wages, the impact of other tax credits and relief provisions with the ERC, and how you can claim this credit. 

Joining them as moderator is David W. Ogburn, Senior Client Strategist at BNY Mellon Wealth Management, one of the top 10 wealth management firms in the U.S. In this role, David advises individuals, families, family offices, nonprofits and other select institutions to help them reach their financial goals. Prior to joining BNY Mellon, he was an Executive Director at JP Morgan Private Bank. Before that, he served in various business development- and investment-related roles at global investment banks Donaldson, Lufkin, & Jenrette and Credit Suisse as well as Summitry, a registered investment advisor serving affluent families and institutions. 

CPE Credit Available   

Date: Wednesday, June 30, 2021  

Time: 10:00 – 11:00am PDT

Location: Virtual 



Brett Hazlett
Director, Tax 

Brett has more than 20 years of progressive experience in the consumer, manufacturing, retail, nonprofit and pharmaceutical sectors. He is a highly-accomplished, results-driven senior accounting and finance executive. Brett is a mission-driven specialist with extensive experience in strategic and operational roles who has a hands-on understanding of accounting and finance. 



Andre Shevchuck
Partner, Tax 

With over 15 years of public accounting experience, including 12 years with PwC’s National R&D practice, Andre has served clients in a wide range of industries including software development/SaaS, life science, product development/consumer products, semi-conductor, aerospace and defense, automotive, FinTech, manufacturing, medical device technology, food processing, winemaking, mining and contract engineering.