April 6, 2020 - NFP CARES Act Webinar CARES Act Webinar - NFP - Final | Page 57

LARGE NFP TAX PROVISIONS – CARES
ACT
Employee Retention Payroll Tax Credit
• Eligibility Requirement 1: operations fully or partially
suspended due to shut-down order
• Eligibility Requirement 2: gross receipts decline by more
than 50% compared to same quarter in 2019 (Not required for NFP)
• Credit is against 6.2% (ER share) of Soc Sec taxes
• Credit is 50% of qualified wages paid
Up to $10,000 of wages ($5,000 credit) paid from 3/13-12/31/20
If more than 100 employees only wages paid to employees not
performing services qualifies
• Credit NOT available if utilizing paycheck protection loan or
FFCRA credits (wages used for this credit)
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