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. This tax credit is 70 percent of qualified wages that employers pay their employees. The maximum amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021. Businesses that utilize this tax credit may also participate in the PPP.
The credit has been extended to Dec. 31, 2021.