The CARES Act that was signed on March 27, 2020, includes provisions for a credit against the employer portion of Social Security taxes. See the attached summary: https://files.constantcontact.com/ed1fa8d5301/1a741842-ef9e-4f2f-ae31-ac490ba3ac9c.pdf for more details.

The IRS has released Basic FAQs  https://files.constantcontact.com/ed1fa8d5301/78d8454e-671d-4de7-af61-d57943562ae4.pdf about this Employee Retention Credit that is very informative. We strongly encourage you to read this in its entirety.

ALERT! An employer cannot receive both the Employee Retention Credit and a loan under the Paycheck Protection Program (PPP loan).

An explanation of this is included in today’s  blog at 

https://www.sharrardmcgee.com/blog.php, please click on the link to read more. 

Your advisor at Sharrard, McGee & Co., PA can assist you with calculating your credit and any other matters relating to the CARES Act. Call us in High Point at (336) 884-0410 or in Greensboro at (336) 272-9777.