What is a recovery startup business?
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Last modified 11/1/2023 6:22:37 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
A company that started the business during the pandemic is eligible for the credit under the American Rescue Plan Act. If your startup meets the following requirements, it might be qualified.
- Your business was established on or after February 15, 2020.
- During the tax years 2020 and 2021, your annual gross receipts do not exceed $1 million.
- You have one or more W2 employees, excluding owners and immediate family.