Deadlines loom for the lucrative ERC, but there is some good news
, which could amount to thousands of dollars per employee for eligible businesses, will ramp up in 2023, and the process could take a substantial amount of time — although there is some good news on that front, as processing times have been getting faster.
Elanjian stressed it might take more time to prepare the ERC application because a business may have utilized other Covid-19 relief programs such as a PPP forgivable loan. In short, it is hard to predict how much time a business might need, so businesses should give themselves plenty of time with ERC deadlines approaching.
. That will start a series of quarterly deadlines for the various quarters eligible for ERC. For the third quarter of 2021, the last quarter in which most businesses will be eligible, the deadline to file is Oct. 31, 2024.
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