COVID Tax Status: Natural Disaster and More
Because of the destruction COVID caused, the government deemed the coronavirus a natural disaster, and soon afterward, they enabled disaster relief programs to keep businesses afloat. These programs, such as the employee retention credit and the paycheck protection program, were implemented to help keep employees on the payroll.
At the same time, employers tried to make sense of the government orders. So how do these programs play into your business’s taxes? Keep watching to find out.