COVID-19, General Information

Employers May Be Able to Access Tax Credits Now

Employers required to pay additional wages to employees under the Families First Coronavirus Act, or FFCRA, may be eligible to receive immediate tax credits according to the IRS.

This opportunity specifically applies to those employers who pay their employers in conformity with the Emergency Sick Pay Leave (ESPL) that is part of the coronavirus relief package. This legal alert from Squire Patton Boggs also notes that under the CARES Act, employers may be eligible with an “Employee Retention Tax Credit” for amounts paid to active or furloughed employees under certain conditions.

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