CORONAVIRUS RESOURCE PAGE

Employee Retention Credit

Payroll Protection Plan

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll.
 
The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
 
Answers to the following are now being provided:

• Does my business qualify to receive the Employee Retention Credit?
• How is the credit calculated?
• How do I know which wages qualify?
• I am an eligible employer. How do I receive my credit?
• Where can I find more information on the Employer Retention Credit and other COVID-19 economic relief efforts?

 
Updates on the implementation of this credit,  Frequently Asked Questions on Tax Credits for Required Paid Leave and other information can be found on the Coronavirus page of IRS.gov.

Important Information on the Paycheck Protection Program
Dear Rodney,

The US Department of Treasury just released information on the Paycheck Protection Program, please take the time to carefully read the materials and where necessary consult with the applicable legal and financial advisors.

Please note that the application process will start on April 3 (more information below).

FAQ for Borrowers

FAQ for Lenders

Loan Application

Key Dates:

April 3, 2020: small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA
lenders.

Starting April 10, 2020: independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through
existing SBA lenders.

The NASE will continue to update its COVID-19 resource page with the most up to date information, so please check in regularly.

As always, please let us know, if we can be of assistance!

Be Safe!

Katie Vlietstra Wonnenberg
Vice President of Government Relations and Public Affairs