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Economic Recovery Resources for Business

Tax Incentives Benefits

Program Eligible Groups

IRS Economic Impact Payments

The Internal Revenue Service, in response to COVID-19, has been authorized to issue payments of $1200 per adult and $600 per child to individuals who filed tax returns in 2018 and 2019. Payments are automatic and likely have been processed for most taxpayers. However, individuals who did not file taxes during this time may also be eligible for these payments.

  • Persons who filed tax returns in 2018 and 2019
  • Persons who did not file tax returns in 2018 or 2019 but:
    • Are individuals who earned less than $12,200 during those periods
    • Are married persons who, if filing jointly, would have earned less than $24,400
    • Do not earn an income
    • Have qualifying children under age 17 whilst

Employee Retention Credit

This tax credit provides up to 50% of qualified wages (including health plan expenses) which are paid between Mar. 12, 2020 and Jan. 1, 2021 for up to a maximum total credit of $10,000. Refundable credits are capped at $5,000 per employees, can be used to reduce federal employment tax deposits in advance, and can be requested as an advance for any amounts not covered by the reductions in said deposits.

  • Businesses which:
    • Fully or partially suspended operations during any calendar quarter due to governmental orders limiting commerce, travel, or group meetings due to COVID-19
    • Experienced a significant decline in gross receipts as compared to gross receipts during the same period in 2019

Sick and Family Leave Tax Credit

Eligible employers are now entitle to receive a tax credit in the full amount of sick leave taken by employees for self-quarantine, care for a child or relative sick or in quarantine, or care provided for a child whose daycare or school has closed as a result of COVID-19. Employers are also eligible for health plan expenses as well as they share of Medicare axes while said employees are on leave.

  • Businesses with 500 or fewer employees

Tax Filing Extension

The IRS the extended the traditional tax filing deadline of Apr. 1, 2020 to Jul. 15, 2020

  • All legal taxpayers