The IRS released FAQs on Employee Retention Tax Credit under the CARES Act. The tax credit is fully refundable for employers, equal to 50% of qualified wages that eligible employers pay their employees. The maximum amount of qualified wages per employee is $10,000, so that the maximum credit for qualified wages paid to any employee is $5,000.

Note: Employers who have received loans through the PPP are not eligible to benefit from the Employee Retention Tax Credit.