May 7, 2020

2020 – 05/06

The IRS has clarified that Payroll Protection Program (PPP) participants may be eligible for the employee retention tax credit. The PPP makes loans to qualified businesses that are affected by the novel coronavirus (COVID-19) crisis. The loans are forgiven if certain requirements are met. In addition, the CARES Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis On its website, the IRS has added an FAQ explaining that that employers that repay their PPP loans by May 7, 2020 can be eligible for the employee retention credit. To learn more: