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.
Jenn has more than 25 years of outsourced accounting and finance experience, with a particular expertise in startups and the advertising and creative production industries. She is passionate about seeing companies utilize the latest accounting technology to maximize their efficiency, productivity, and ultimately, success.
Before joining Armanino, Jenn founded and led Team Jenn Corp., a firm dedicated to the strategic financial management of startups and small businesses, offering a comprehensive back office solution with accounting, finance and HR solutions. Previous roles include stints at advertising giant Ogilvy and Mather, and in the cash management industry.
Jenn has a bachelor’s degree in economics from Pepperdine University and is a member of several professional associations including the National Society of Accountants, ProVisors and the Women’s Business Enterprise Network.