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:
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
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
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
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!
Katie Vlietstra Wonnenberg
Vice President of Government Relations and Public Affairs