Employee Retention Credit under CARES legislation
Recent COVID relief legislation expands the tax credits available for employers, including non-profits, for relief from certain payroll taxes, including an employer’s share of Social Security taxes on wages paid in 2020 and 2021. Looking at the program’s requirements, however, it appears that it will be difficult for a parish to qualify for this relief, particularly if it received a PPP loan. We have nevertheless posted information here if your parish wishes to investigate the ERC’s benefits and requirements.
The newest guidance on PPP and Employee Retention Credit is available here.
Legislation was signed into law by President Biden on March 30 which extends the Paycheck Protection Program (PPP) application period to May 31, 2021. More information is available here.