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Login To PrismAre tax credits available to small businesses through the FFCRA?
Yes, The FFCRA provides employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to the Coronavirus.
The IRS has published a very detailed overview of how the refundable tax credits work along with answers to frequently asked questions.
Note: these tax credits are unrelated to the employee retention tax credits available through the CARES Act.
Helpful Resources
US Internal Revenue Service (IRS)
Coronavirus Tax Relief web page, including information of the refundable tax credits available under the FFCRA.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
There may be a more recent answer to this question. Contact Claremont for an update.
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