Employee Retention Tax Credit

A refundable payroll tax credit that encourages businesses financially impacted by COVID-19 to keep employees on their payroll even if they are not working during the covered period due to the effects of the coronavirus outbreak. Qualifying businesses include those whose operations were fully or partially suspended by government order and those that have experienced a significant decline in gross receipts during the period. Eligible employers can claim a refundable tax credit of a designated amount per employee per calendar year and/or quarter and there is generally a maximum total amount that can be claimed.