This article was published by the IRS. The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. Who is [...]
This article was published by the IRS. Employers affected by COVID-19 can take advantage of three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that there was a lot of movement in various initiatives over the past week. The SBA finally updated their website to include the new PPP loan forgiveness application, as well as the EZ version of the application. The [...]
This article was published by the IRS. The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Frequently Asked Questions General Information Determining Which Employers [...]
In this week’s Monday episode (June 15, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that last Friday, 40 bipartisan senators wrote a letter to the Trump administration asking the SBA and Treasury to make the debt forgiveness process simpler for small business. The original PPP loan application is only three pages long, [...]
