SW Benefits Update: IRS Issues Revised Guidance on Employee Retention Credits and Qualified Health Plan Expenses, Offering Relief for Employers that Furloughed Workers
May 29, 2020
By Matthew P. Chiarello
The Coronavirus Aid, Relief and Economic Security Act provides for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19 crisis. The Internal Revenue Service (the “IRS”) published a detailed FAQ, which can be found here, describing this relief. A brief summary of the key points follows, below.
©2020 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.