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Support for New Businesses: Expanding Employee Retention Tax Credit.

This act expands the Employee Retention Tax Credit to include new businesses that started operations after February 15, 2020. The goal is to support young enterprises in retaining jobs and surviving challenging times by offering them a refund on a portion of their wage costs. This means citizens working in such companies may have greater job security, and business owners receive financial relief.
Key points
New businesses that began operations after February 15, 2020, and meet specific criteria, can apply for the Employee Retention Tax Credit.
The credit is available for businesses with fewer than 50 full-time employees in a given quarter and annual gross receipts below $1 million (with a phase-out above this amount).
The maximum amount of qualified wages that can be considered is $50,000 per quarter, for a maximum of two consecutive calendar quarters.
Businesses can elect to receive an advance payment of the credit, which can improve their cash flow.
The act also introduces measures to prevent fraudulent and abusive claims of this credit.
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Additional Information
Print number: 117_S_551
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2021-03-02
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Recovery Startup Assistance Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_551.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • New businesses that began operations after February 15, 2020, and meet specific criteria, can apply for the Employee Retention Tax Credit.
  • The credit is available for businesses with fewer than 50 full-time employees in a given quarter and annual gross receipts below $1 million (with a phase-out above this amount).
  • The maximum amount of qualified wages that can be considered is $50,000 per quarter, for a maximum of two consecutive calendar quarters.
  • Businesses can elect to receive an advance payment of the credit, which can improve their cash flow.
  • The act also introduces measures to prevent fraudulent and abusive claims of this credit.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Hassan, Margaret Wood [D-NH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy Labor