U.S. Department of the Treasury

EMPLOYEE RETENTION CREDIT

Employers of all sizes that face closure orders or suffer economic hardship due to COVID-19 are incentivized to keep employees on the payroll through a 50% credit on up to $10,000 of wages paid or incurred from March 13, 2020 through December 31, 2020.

FAQ: Employee Retention Credit

Additional Tax Credits

The IRS is issuing tax credits in order to give small and mid-sized businesses the resources they need to cover the cost of providing paid sick and family leave wages.

PAYROLL TAX DEFERRAL

To enhance cash flow so that businesses can better maintain operations and payroll, employers and self-employed individuals can defer payment of the employer share of the Social Security tax they otherwise are responsible for paying to the federal government with respect to their employees. The deferred employment tax can be paid over the next two years—with half of the required amount to be paid by December 31, 2021 and the other half by December 31, 2022.

Related Press Release

Statement by Secretary Mnuchin on the Payroll Support Program (4/14/20)