Gross Receipts for the Employee Retention Credit (ERC) are a vital part of keeping businesses afloat! It's an incentive for employers to keep employees on payroll, even when times are tough. The ERC is available to employers that have seen a significant drop in gross receipts during 2020 compared to 2019. In order to qualify, employers must demonstrate that their gross receipts dropped at least 50% during any quarter of 2020 compared to the same quarter in 2019.

The amount of the credit is based on wages paid to employees; it equals 50% of qualified wages up to $10,000 per employee per quarter. For example, if an employer paid $50,000 in total wages over the course of one quarter and those wages were all eligible for the credit, then the employer would be due a refundable tax credit worth $25,000 ($50K x 0.5 =$25K). However, if only $30k of those wages were eligible for the credit then they'd receive just half of that - $15k ($30K x 0.5 =$15K). Furthermore, there's a limit on how much can be claimed overall; it cannot exceed more than double the average number of full-time employees employed by an employer during 2019.

Overall, Gross Receipts for ERC are essential in aiding businesses survive this difficult time and should be taken advantage of where possible! Though there're certain restrictions that may apply based on size or other factors such as how much was actually paid out in terms of wages - it's still a useful tool which can help companies stay afloat and retain their staff members until things start improving once again!