CARES Act Employee Retention Tax Credit Guide for Employers

CARES Act Employee Retention Tax Credit Guide for Employers

Apr 08, 2020

Client Alert

Brownstein Client Alert, April 8, 2020

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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Information is changing daily and some of the content included in this alert may have changed or been updated since publication.

Click here to read more Brownstein alerts on the legal issues the coronavirus threat raises for businesses.

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.

Meet The Team

Rosemary Becchi Strategic Advisor and Counsel T 202.383.4421 rbecchi@bhfs.com
Harold Hancock Shareholder T 202.383.4422 hhancock@bhfs.com
Lori Harju Policy Director T 202.747.0519 lharju@bhfs.com
Charlie A. Iovino Senior Policy Advisor and Counsel T 202.383.4424 ciovino@bhfs.com
Gregory M. Janssen Associate T 303.223.1288 gjanssen@bhfs.com
Daniel Joseph Policy Advisor T 202.216.4864 djoseph@bhfs.com
Anne C. Starke Policy Advisor and Associate T 202.872.5297 astarke@bhfs.com
Nancy A. Strelau Shareholder T 303.223.1151 nstrelau@bhfs.com
Russell W. Sullivan Shareholder T 202.383.4423 rsullivan@bhfs.com
Radha Mohan Policy Advisor and Associate T 202.383.4425 rmohan@bhfs.com