What's available under the Coronavirus Aid, Relief, and Economic Security Act (CARES)? The Employee Retention Credit is a refundable tax credit equal to 50% of qualifying wages employers pay to their employees after March 12, 2020 and before January 1, 2021.
The Employee Retention Credit is a refundable tax credit equal to 50% of qualifying wages employers pay to their employees after March 12, 2020 and before January 1, 2021. The maximum credit amount is $5,000 per employee for all calendar quarters. This means the IRS will only take wages up to $10,000 per employee into account.
Please note: This program is not eligible for employers who are receiving a PPP (Paycheck Protection Plan) Loan, regardless of loan forgiveness.
The CARES Act allows all employers to defer payment of employer Social Security taxes that are otherwise owed for wage payments made after March 12, 2020, through the end of the calendar year.The deposit due dates are:
Please note: This program is not eligible for employers who have been forgiven for PPP (Paycheck Protection Plan) Loan.
For more insights on what's available under the Coronavirus Aid Relief and Economic Security Act? (CARES) visit the links below.
Disclaimer: This is guide is provided by Push Technologies Inc. (“Push Operations”) for information purposes only. This is not an official or legal document and should not be taken as legal advice. Push Operations does not guarantee or warrant the accuracy or completeness of the information provided. For the most accurate and up-to-date information, please check with the proper governing authority.
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