The federal Coronavirus Aid, Relief, and Economic Security Act created an employee retention tax credit for employers impacted by the COVID-19 pandemic.

The refundable credit represents 50% of up to $10,000 in wages paid by an eligible employer whose business is financially impacted by COVID-19.

The refundable tax credit is available to all employers regardless of size, including tax-exempt organizations, with two exceptions—state and local governments and employers that accept small business loans.

The U.S. Chamber of Commerce issued this guide to help employers understand the program.

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