Mnuchin Encourages Businesses to Take Advantage of Payroll Retention Credit, and IRS Paves the Way with New Guidance and Form

April 1, 2020

Secretary Mnuchin promoted the credit on March 31, 2020, saying “We encourage businesses to take full advantage of the Employee Retention Credit to keep employees on their payroll during these challenging times. This new credit is available to all employers, regardless of size of business, and covers up to 50 percent of up to $10,000 in wages.”

That same day, the IRS issued Notice 2020-22, FAQs, and new Form 7200 on March 31, 2020, providing instructions on how to receive the benefits of the credit immediately, by reducing their employment tax deposits without penalty and allowing for advance payment of the credit.

S. Starling Marshall
Partner – New York
Phone: +1 212.895.4263
Email: smarshall@crowell.com

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