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.
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.
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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.