Kim Storen’s webinar with the Boone County Chamber of Commerce

Storen Financial discussed all you need to know about stimulus and PPP loans in the newly signed Relief Bill on a webinar last Friday. Some quick takeaways highlighting the

Employee Retention Credit:

  • The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) creates an employee retention credit to encourage employers to retain their employees throughout the COVID-19 emergency. This Act was originally not available for businesses that received PPP money but is now available to all businesses that qualify.
  • The COVID-19 employee retention credit is a fully refundable payroll tax credit equal to 50% of qualified wages paid by eligible employers from March 13-December 31, 2020.
  • Qualified wages taken into account for any one employee are limited to $10,000 (including qualified health plan expenses), with a maximum credit of $5,000 for wages paid to any one employee for the cumulative total of all calendar quarters.

How to Qualify:

Fully or Partially Suspended Operations
An employer’s operations are considered partially suspended if the business operations are limited due to a federal, state, or local order, proclamation, or decree that affects the employer’s operations, including an order that limits hours of operation.

Significant Decline in Gross Receipts
A significant decline in gross receipts begins with the first quarter in 2020 that an employer’s gross receipts for a quarter are less than 50% of gross receipts for the same quarter in 2019.

Find more information about the newly signed Relief Bill by downloading the presentation deck and watching the webinar where Kim Storen will walk you through the benefits of the employee retention credit and so much more! If you have any questions, please contact us.

Click here to watch the webinar.
Click here for the webinar presentation (pdf).

 

Blog by Kim Storen, EA – Tax Team Lead, Senior Tax Professional

Learn more about Kim and the rest of the Storen Financial team here.