ARP Tax Benefits for Small Business
The American Rescue Plan extended a number of critical tax benefits for small businesses. Learn more on Wednesday, June 23 at 10am.
Join the Small Business Administration (SBA) New England Regional Office and the Internal Revenue Service (IRS) for an informative webinar on American Rescue Plan (ARP) tax benefits for small businesses. This webinar will highlight the Employee Retention Tax Credit and the Paid Leave Tax Credit.
Employee Retention Tax Credit
The American Rescue Plan extends the availability of the Employee Retention Credit for small businesses through December 2021 and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee per quarter. This credit of up to $28,000 per employee for 2021 is available to small businesses who have seen their revenues decline, or even been temporarily shuttered, due to COVID.
Paid Leave Tax Credit
The American Rescue Plan extends through September 2021 the availability of Paid Leave Credits for small and midsize businesses that offer paid leave to employees who may take leave due to illness, quarantine, or caregiving. Businesses can take dollar-for-dollar tax credits equal to wages of up to $5,000 if they offer paid leave to employees who are sick or quarantining. This credit now includes leave taken by employees to receive or recover from COVID-19 vaccinations. You could see these credits in your bottom line as soon as your next quarterly filing.