Friday, April 09, 2021
Timely: Employee Retention Credit Guidance
The American Rescue Plan Act extended the Employee Retention Credit and made it available to Paycheck Protection Program borrowers. This credit may be worth as much as $28,000 per employee for 2021. The IRS recently provided guidance for companies claiming the credit - see below for more details. Businesses with greater than a 20 percent drop in revenue for any quarter in 2021 over the same quarter in 2019 may be eligible for the Employee Retention Credit. (Fourth quarter 2020 compared to 2019 also
