NewsMay 8, 2017by admin

On March 27, 2020, The President Signed Into Law The Coronavirus Aid, And Relief And Economic Security (CARES) ACT H.R. 748

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The CARES Act includes an Employee Retention Tax Credit (ERTC) which would:

  • Provide a fully refundable tax credit of 50% of $10,000 in qualified wages and the allocable portion of health insurance to the qualified wages paid such employee who remains on an employer’s payroll:
  • For employers with up to 100 employees any wages and the allocable portion of healthcare qualify;
  • For employers with more than 100 employees only those wages and the allocable portion of healthcare that exceeds the value of the work and/or time worked qualify.
  • Defines eligible employers as any employer who’s business during a calendar quarter:
  • Fully or partially was suspended during the calendar quarter due to an order from a governmental authority limiting commerce, travel, or group meetings; or
  • Beginning with the first calendar quarter after December 31, 2019 an employer had gross receipts that were 50% less for the same calendar quarter then in the previous year;and
  • Ending with the calendar quarter following the first calendar quarter after gross receipts are 80% greater then the same calendar quarter in the prior year. 
  • Makes both for-profit and not-for-profit employers eligible, but not state or local governments.
  • Employers who receive a loan under the Paycheck Protection Program are not eligible for the employee retention tax credit.