Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 14, 2020

As States Shut-down Again: Organizations May be Eligible for the Employee Retention Credit

Posted by Jenn McCabe

This tax credit is up to $5000 per employee in 2020 and can be immediately applied to payroll taxes. It’s specifically meant to help employers who do not lay off or furlough staff, despite having been partially or fully shut down due to a government order. 

Credit applies to wages paid to an employee who remains on payroll, despite being temporarily unable to perform job duties. The government shut-down orders are particularly relevant at this time!

  • Any employer who did not receive a PPP loan qualifies.  
  • An organization may also qualify for this credit if revenues dropped by more than 50% in Q2 of 2020 as compared to Q2 of 2019.
  • The credit is available for wages paid between March 13 and December 31, 2020.

Of course, there’s paperwork to file and work to do to calculate and validate the credit. We are ready to assist you.

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