Updates to Our Article About the New COVID-19 Relief Package
Please note that we’ve updated our recent article summarizing provisions in the Consolidated Appropriations Act of 2021 (“CAA” or “Act”) that are important to nonprofit organizations, including churches, schools, and private higher education institutions.
- In the Employee Retention Credit (ERC) Provisions section, we corrected the bullet point about the ERC credit percentage. The CAA increases the ERC credit percentage from 50% to 70% for calendar quarters after December 31, 2020.
- In the Recovery Rebates section, we corrected the phase out for the employee retention credit to $174,000 for those married filing joint. We also added a note that the phase out ceiling increases by $12,000 for each qualifying child for which an economic income payment is received.