CARES Act Employee Retention Tax Credit Guide for Employers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides access to a tax credit for employers whose businesses have been impacted by COVID-19. Referred to as the Employee Retention Tax Credit (ERTC), the credit is available to businesses that either have had to partially or fully suspend their business operations in 2020 or have had a significant decline in gross receipts as compared with 2019. This guide outlines the general provisions in the CARES Act regarding the ERTC tax credit, explains how businesses can claim the credit, sets out the limitations of using the ERTC when other relief has been claimed, and summarizes the seven pieces of ERTC guidance that have been released to date, all in a question and answer format.

For more information on any of these provisions, contact any of the Brownstein National Tax Policy Group attorneys listed on the last page.

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This document is intended to provide you with general information regarding the Employee Retention Tax Credit in the CARES Act. retention The contents of this document are not intended to provide specific legal advice. If you have any questions about the contents of this document or if you need legal advice as to an issue, please contact the attorneys listed or your regular Brownstein Hyatt Farber Schreck, LLP attorney. This communication may be considered advertising in some jurisdictions.