IRS News Three new credits are available to many businesses hit by COVID-19

IRS: Three new credits are available to many businesses hit by COVID-19  https://www.irs.gov/newsroom/irs-thre... WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.  Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.  The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.