Qualifying for Employee Retention Tax Credit
Anticipation looms over additional relief included in the proposed Senate HEALS Act. If passed, most producers would be able to obtain both a PPP loan and qualify for the Employee Retention Credit.
Ag CPA Paul Neiffer speaks with RFD-TV’s own John Jenkinson on what the HEALS Act and Employee Retention Credit mean for farmers and, also, what farmers should be looking for.
According to Neiffer, “What the HEALS Act says is if farmers have at least a 25 percent reduction in their sales during the third quarter of this year... then they will in fact qualify for the Employee Retention Tax Credit, and this is a refundable tax credit... this is a really good tax credit. A lot of tax credits farmers never get to use, because they don’t have enough tax liability, so this is really a good one.”
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