As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), some employers (including community banks) may be eligible for a refundable payroll tax credit of up to $5,000 per employee if certain criteria is met.
Community banks, deemed as essential businesses, may have automatically believed that the tax credit was not available to them. While not a certainty for all community banks, application of the law may provide some banks the opportunity to receive the credit. Whether the credit applies will be a fact-based analysis and requires evaluation of a bank’s local social distancing orders and guidelines.
Presenters will discuss how banks should evaluate potential savings and highlight the important timing requirements to report the credit on quarterly Form 941s, which are due on July 31st for the second quarter.
Presenter: Peter Weinstock, Hunton Andrews Kurth
ICBA Members: $219
1 CPE Credit