Employers affected by COVID-19 should know about these important new credits available to them:
Employee Retention Credit
The employee retention credit is designed to encourage businesses to keep employees on the payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all employers regardless of size, including tax-exempt organizations. The two exceptions are state and local governments and their instrumentalities and small businesses who take small business loans.
Paid Sick Leave Credit
This credit is designed to allow businesses to get credit for an employee who is unable to work (including telework) because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis.
Paid Family Leave Credit
The employer can also receive the credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus.
Contact us:
Phone/Whatsapp (858) 247-1680
