COVID-19 Bulletin: Tax Credits Available for COVID-Related Costs
Small businesses can now apply for a new tax credit to help offset COVID-19 costs. The $250 million COVID-19 Capital Costs Tax Credit Program will cover up to 50% of eligible expenses, for a maximum benefit of $25,000.
Eligible expenses must have been incurred between January 1, 2021, and December 31, 2022, and include:
Supplies for disinfecting or otherwise stopping transmission
Replacing lost perishable goods
Sneeze guards
Sanitizer
Air purifiers
Signage
Barriers for social distancing
Contactless pay equipment and software
Outdoor space expansion
Remote work capability
Eligible small businesses have under 100 employees and gross receipts less than $2.5 million.
Due to the limited appropriation for this program, businesses are encouraged to apply as soon as possible here.
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