IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19

April 3, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Click below for answers to FAQ:

• Does my business qualify to receive the Employee Retention Credit?
• How is the credit calculated?
• How do I know which wages qualify?
• I am an eligible employer. How do I receive my credit?
• Where can I find more information on the Employer Retention Credit and other COVID-19 economic relief efforts?

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