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The IRS has updated the eligibility requirements for Employee Retention Credit (“ERC”), which is a part of the CARES Act. The program provides a fully refundable tax credit for employers equal to 50 percent of qualified wages that eligible employers pay their employees.

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a business relief provision known as the Employee Retention

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a business relief provision known as the Employee Retention Credit (ERC), a payroll tax credit for “qualified wages” paid to retained employees between March 13 and December 31, 2020. The purpose of this provision is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak.

The US Treasury and the Small Business Administration (SBA) have recently added several key topics in their Frequently Asked Questions, which has been the main guidance document for the Paycheck Protection Program (PPP). 

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). Please find attached information about the two loan programs recently implemented through Small Business Administration (SBA): Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP).

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more detailed alerts on individual provisions to follow. Click here for a link to the full text of the bill.

The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.