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- The Paid Sick and Family Leave Credit was extended for wages paid through March 31, 2021.
- The Employee Retention Credit was extended for wages paid through June 30, 2021. Changes to the Employee Retention Credit, effective for calendar quarters beginning after December 31, 2020, include the following.
– The credit limit was increased from 50% to 70%.
– The $10,000 limit applies on a per calendar quarter per employee basis, rather than a limit for all calendar quarters.
– A significant decline in gross receipts means less than 80% of gross receipts for the same calendar quarter in 2019.
– You may elect to use the immediately preceding calendar quarter instead of the corresponding calendar quarter in calendar year 2019 for purposes of determining a significant decline in gross receipts.
– The 100 employee threshold is increased to 500 employees.
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