U.S. Starts Employee Retention Credit for Virus-Hit Businesses

Treasury Dept and IRS today launch Employee Retention Credit to encourage businesses to keep workers on their payroll, with a 50% refundable tax credit of up to $10,000 in wages.

• State and local governments and small businesses who take Small Business Loans are not eligible, according to Treasury statement

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Ben Livesey in San Francisco at blivesey@bloomberg.net

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Kasia Klimasinska at kklimasinska@bloomberg.net

Megan Howard, Ben Livesey

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