Guidance to apply to the Coronavirus Aid, Relief, and Economic Security (CARES) Act and IRS Employee Retention Tax Credits

Funding for these programs is limited and will run out fast!

Check the additional information below. Call us at 504-835-4213

Families First Coronavirus Response Act (FFCRA)

The act provides eligible employees to receive paid leave entitlements from the employers which will be reimbursed dollar for dollar by the federal government through tax credits claimed on the employer’s quarterly payroll tax return. In cases where the employer’s payroll tax liability is exceeded by the paid leave entitlement costs, there will be a refund of the excess issued to the employer. Essentially, the federal government is reimbursing the employer in full for any FFCRA act entitlement payments made to employees.

Download the FFCRA guideline pdf

Employee Retention Tax Credit (ERTC)

The ERTC is a refundable, advanceable tax credit available for wages paid by employers who experienced a significant quarterly revenue decline or had business opertions affected by a government lockdown. Employers claim the ERTC by withholding payroll taxes for the number of qualified employee wages. Because the tax credit is refundable, if your withholdings do not cover the entire tax credit, the IRS will send you a check for the remaining amount.

Watch our webinar on ERTC!