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by IRS | May 12, 2020
IR-2020-89, May 7, 2020
WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.
The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
Employers will calculate these measures each calendar quarter.
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Source: IRS
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