Congress enacted relief options available to businesses adversely affected by the COVID-19 pandemic, this includes the Employee Retention Credit for retaining employees in 2020 and 2021 during the pandemic. The Consolidated Appropriations Act, the American Rescue Plan Act, and the Infrastructure Bill, expanded and extended the provisions of the Employee Retention Credit. Employers are eligible for these credits from March 13, 2020 through September 30, 2021. Employers have three years from the quarter end to take advantage of these provisions.
CUACG can complete this credit for any Credit Union in any state.
If eligible, your Credit Union could receive as much as $7,000 per employee per quarter in 2021.
To qualify your Credit Union must meet one of the following items:
- 20% decline in quarterly revenue in 2021 compared to that same quarter in 2019 OR
- Suspense of operations due to government orders.
Suspense of operations due to government order can mean many of the following items:
- Lobby Closure
- Limited branch traffic
- Different lobby hours
- Drive thru only
- Member service by appointment only
- Employee temperature checks
- Employee working from home
- Trouble with hiring and keeping employees
- Reduced wages for employees
- Change in work shifts
- Employee time off to take care of children due to daycare closure
- Employees off work due to illness
- Impact due to sanitization requirements
- Decreased loan volume
- Decreased in member overdraft fees
- Decrease in debit/credit card interchange
- Increase cost of supplies
- Postponement of any special project
- Suspense of professional development
- Suspension of community outreach
- Cancellation of any conferences
If your credit union was adversely affected by the COVID-19 pandemic, please complete the following questionnaire.
CUACG’s fee is a % of your total return. You do not have to pay CUACG until you receive the refund from the IRS.
Click here to complete the ERC Questionnaire online, or contact us for more information about the Employee Retention Credit.
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Important Message
You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.
Important Message
You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.