IRS Employee Retention Credit
- Summary of Program: The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. The maximum credit is $5000 per employee. Participating in this program makes your business ineligible to participate in the PPP program.
- What this might make sense for you: If the Paycheck Protection Program does not meet your business needs or is otherwise unavailable to your business you can consider the Employee Retention Credit.
- How to apply: You can claim the credit through your regular IRS tax payment process. To request an advance you can submit Form 7200.
White Bear Township
White Bear Lake
Spring Lake Park
North St Paul