Employee Retention Credit
The Treasury Department and the Internal Revenue Service have launched the Employee Retention Credit, designed to encourage businesses to keep employees on their 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. “We encourage businesses to take full advantage of the Employee Retention Credit to keep employees on their payroll during these challenging times,” said Secretary Steven T. Mnuchin. “This new credit is available to all employers, regardless of size of business, and covers up to 50 percent of up to $10,000 in wages.” Available details here.