Employee Retention Credits Now Available to Many More Employers
Highlights
In December 2020, Congress extended the employee retention tax credit and eliminated conflicts with PPP loans
If your business received a PPP loan in 2020, you may still be eligible for employee retention credits for 2020 retroactively
Even if there has been no decline in your business’s gross receipts, it may be possible to meet the business suspension test and qualify for these credits
The CARES Act, passed last March to provide relief to small businesses adversely affected by the COVID-19 pandemic, includes a temporary refundable tax credit for certain wages paid to employees after March 12, 2020, and before January 1, 2021. As originally enacted, this “employee retention credit” had somewhat limited utility because it was not available to employers who received payroll protection program (PPP) loans.
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