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MSCI requires Congress to improve employee retention tax credits.

The Metal Service Center Association (MSCI), along with several other industry associations and business advocates, has asked federal lawmakers to improve the employee retention tax credit (ERTC). Members of the House and Senate approved the ERTC in March to help businesses financially affected by COVID-19.
Now, this kind of credit applies to businesses of all sizes that face closing orders or suffer financial difficulties and continue to pay employees on vacation. These companies may be eligible for a 50% credit of the maximum salary paid to these employees of $10,000. (Click here for information from the IRS, please read the American Wholesalers Association’s legal advice on the program, and read the American Chamber of Commerce’s review of the program.)
The letter concluded: “These important improvements to the ERTC will enable employers to continue to respond to liquidity challenges during the pandemic to obtain a great relief.”
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Post time: Aug-25-2020
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