This portion provides that eligible employers may take an immediate and refundable credit against the employer portion of their Social Security payroll tax equal to 50% of qualified wages.
An eligible employer means any employer, including an Internal Revenue Code Section 501(c) tax exempt entity, that was carrying on a trade or business during 2020 and either:
1. the employer’s operations were fully or partially suspended during a calendar quarter due to governmental orders related to COVID-19, or2. the calendar quarter is within a period of significant decline in gross receipts (gross receipts are calculated using the gross receipts test under IRC Section 448(c))
The statute says that employers who take a PPP loan are not eligible for the retention credit; however, it is not clear is how this exclusion would work for employers who receive this retention credit and who subsequently take a PPP loan. Further guidance on this is expected.
The intent of these different sections of the CARES Act, IF businesses utilize these as designed, is to help businesses and employees alike the ability to keep their jobs (& businesses) intact until they can open up and get back to work. Of course,the key word is “IF”.
We’re still in “lock down” due to the Coronavirus. It sounds like all the “Social Distancing” and stay at home, wash your hands orders are working to help “flatten the curve”. (The “curve” is the graph lines of all the statistic charts).
Prime Minister of UK, Boris Johnson has been hospitalized due to Covid-19. Our President, Donald Trump & Vice President, Mike Pence have both been tested, along with the entire Task Force and THANK GOD all are fine. I’ll write about the fantastic Task Force our President has put together at a later date, but I have to note they have ALL done a fantastic job getting a hold on this mess. In spite of all the “haters” out there who can’t come together even in the midst of this mess.
I will stay positive, trust our leaders and pray daily that we will get through this. I hope whoever reads this can do the same.
I found this old bookmark in my Bible & thought it was a great reminder.
Here’s US totals:
Recovered totals are STILL higher than deaths. THANK YOU, LORD! ❤️🙏🙏🇺🇸
Stay calm, stay safe, wash your hands and PLEASE pray for our World.
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