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. The Emergency Coronavirus Relief Act of 2020 extended offering this credit to July 1, 2021. This tax credit is 70 percent of qualified wages that employers pay their employees, up to $10,000 per employee for any quarter. Businesses that utilize this tax credit may also participate in the PPP.