Posted 2 years ago - by

What is The Employee Retention Credit included in the CARES Act?

The Employee Retention Credit was built to encourage employers to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in qualified paid wages to an employee by an eligible employer experiencing economic hardship related to COVID-19. This credit is for the qualified period of 3/13/2020 through 12/31/2020. It cannot be claimed if the employer has already received the Employee Retention credit and the Paid Sick and Family Leave credit for those same wages.

Employee Retention Credit

For more information about COVID-related tax credits visit here

Payroll Systems’ highly scalable HR and payroll solutions can help you process and keep up to date with the current credits that are consistently changing with the times.

Contact us to learn more about our combination of software and human support for your business.

Related Posts

5 Ways Workforce Management Systems Help Your Business Thrive

Workforce Management Systems helps organizations automate processes crucial to running a business By streamlining these processes, employers can maximize performance levels like employee productivity...

Read more...

Payroll Management Optimization: 8 Strategies for a Successful Business

Managing payroll is a major part of running a business Although it may seem daunting at times, it is important to take a good, long look at your company’s payroll management to see how you can...

Read more...

How to Better Maintain I-9 Documentation Compliance With Onboarding Software

In March of 2020, the US Immigration and Customs Enforcement (ICE) began issuing extensions to a policy that allowed employers to inspect form I-9 documents virtually The last extension was to go...

Read more...

How To Write The Perfect Offer Letter to A Potential Job Candidate

A company’s hiring process is a crucial part of the employee lifecycle that requires thoughtful consideration and effort to land the right candidate Writing an employment offer letter plays a...

Read more...

Important Things to Know About Pay Disclosure Laws

States across the country are starting to see more and more mandates that call for pay disclosure on open positions This can possibly affect employees’ perceptions of the company or position...

Read more...

Employment lawsuits: 3 Common Workplace Issues That Lead to Them

Most employment lawsuits could have been avoided if employers were proactive about certain issues within the workplace Although employers cannot avoid everything, they can reduce the risk of...

Read more...

This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.