Employee Retention Credit
The Employee Retention Credit through the CARES Act is a fully refundable tax credit for employers who have closed or partially closed due to COVID-19 and have not received a Paycheck Protection Program loan. This tax credit is 50 percent of qualified wages that eligible employers pay their employees, up to $10,000 per employee. The credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The refundable credits are applied toward the employer portion of payroll taxes.