Yes, the Employee Retention Credit (ERC) and Employee Retention Tax Credit (ERTC) are the same program.
Both terms refer to a program established by the Coronavirus Aid and Relief Act of 2020, designed to assist businesses in retaining their employees. The program provides refundable tax credits for businesses that have faced financial difficulties as a result of the pandemic. The credits are intended to help businesses cover the cost of keeping employees on their payroll, and can be claimed on the business’s tax return. In summary, ERC and ERTC are interchangeable terms referring to the same program, which is a refundable tax credit intended to help businesses retain their employees during the pandemic.
- Internal Revenue Service (IRS)
- The CARES Act
- National Federation of Independent Business (NFIB)
- What Is The Employee Retention Credit (ERC), And How Does The Program Work?