If you did take out a Paycheck Protection Plan loan, you can stop reading.  Congratulations! But, we’re sorry. This provision doesn’t apply to you.

If you were ineligible, this provision grants you a credit of up to $5,000 per employee during 2020.  The credit is applied first to your share of the Social Security tax, then to other payroll taxes. The balance is refunded.  

There are additional requirements related to a decline in your gross receipts and generally the credit will only apply to idle workers that you are generously continuing to pay.  The idle requirement does not apply if you have 100 or fewer employees.

Here is a link to the IRS’s FAQ: 

https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act.

For more information on how to qualify for and claim this credit, please call or email your partner or manager.  We are more than happy to assist you.