Varnum (Michigan): Claiming Tax Credits under FFCRA and CARES Act

On March 18, 2020 the Families First Coronavirus Response Act (FFCRA) was enacted, providing small and midsize businesses with refundable tax credits to reimburse them for the costs of paid sick and family leave wages to their employees for COVID-19 related leave. On March 27, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was enacted to encourage eligible employers to keep employees on their payroll, despite economic hardship caused by COVID-19, by providing eligible employers with an employee retention tax credit. Eligible employers may be entitled to tax credits under both FFCRA and the CARES Act but not for the same wages. MORE.

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