For 2021, the employee retention credit increases to up to 70% of wages with a maximum of $7,000 per employee, per quarter (this is a change, in 2020, it was $5000 total for the whole year). So you can claim up to $14,000 per employee if you are covered in Quarters 1 and 2 (the bill only extends the ERC through Q2 2020, though most camps won’t be able to claim it in Q2 anyways).
The eligibility scenarios above still apply (and to be clear, there is no extensive descriptions of the eligibility criteria and it is up to you and your accountants to determine if you are eligible).
Another exhaustive article about the 2021 ERC: https://www.forbes.com/sites/anthonynitti/2021/12/28/breaking-down-the-changes-to-the-employee-retention-credit-in-the-new-covid-relief-bill-part-2/?sh=44e1b92429d3
But I’m going to get a second draw PPP, we won’t need this. This is up to $7,000 per employee in Quarter 1. You can’t even apply for PPP yet, so already you can be applying this towards 2021 wages as of January 1. And you can continue to apply the credit until your PPP is funded.
One strategy to consider is delaying the date you sign your PPP#2 loan. Back of the envelope calculations by some indicate that it is unlikely these funds will run out given the new rules and lower maximum loan amount. In addition, once you apply for a loan and your bank gets an SBA loan number for the loan, the funds are supposedly earmarked to you - even if it takes a few weeks to close the loan.
You will have 24 weeks of loan forgiveness starting from when the funds are deposited into your account. If you delay the start date of your forgiveness period, you will be able to cover more of your summer tuition AND get the full benefit of the ERC.