Taxes & Tax Credits

The Federal and Maine governments have provided for certain tax credits to support businesses during the COVID-19 pandemic. Read below for more details.

Employee Retention Tax Credit

Earn up to $5,000 in tax credits per employee on your payroll – or get a refund at the end of the quarter.

Businesses who have experienced a significant decline in gross receipts in 2020 and are paying workers may be eligible for a tax credit for up to $5,000 per employee – payable immediately at the end of each quarter in 2020.

Note: Businesses who have a Paycheck Protection Program loan are not eligible. Self-employed wages are not eligible. 

Watch our brief summary above for more information and then talk to your accountant or bookkeeper to file for the employee retention tax credit using IRS Form 941.

Due to the COVID-19 Pandemic CEI offices are closed to the public. CEI staff will be working remotely and want to hear from you! Please reach out to your CEI contact regarding scheduled meetings and/or any questions/concerns. Click here for a list of COVID-19 Business Resources.
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