Cares Act

Federal CARES Act Relief Programs

Since March of 2020, the COVID-19 pandemic has affected all of us in ways we never thought possible. The US Government has put in place several programs to help struggling businesses begin to thrive again. Now that we are starting to see the light at the end of the tunnel, it is time to start putting in place and taking advantage of these tax credit and loan programs which are designed to keep cash in the business while keeping your employees paid.

Employee Retention Credit (ERC)

The Employee Retention Credit is a payroll tax credit that you can qualify for if your business was fully or partially closed due to a government order or has experienced a significant drop in gross receipts in 2020 or 2021 when compared to 2019. This is a refundable credit that pays back 50% of qualified payroll costs in 2020 and 70% per quarter in 2021. Of course there are caps on how much you can have refunded, and the qualifiers for this credit are sometimes difficult to understand, but that is what we do. We can help you decide which of these programs is right for you. Please answer the questions on the cards below in order to check your possible eligibility for this credit.

Families First Coronavirus Response Act (the “FFCRA”)

This program provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19. Workers may receive up to 80 hours of paid sick leave for their own health needs or to care for others and up to an additional ten weeks of paid family leave to care for a child whose school or place of care is closed or the child care provider is closed or unavailable due to COVID-19 precautions. The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits.