S-Corp owners are eligible for the Employee Retention Credit (ERC), which can help them retain their employees during this difficult period. This credit is a great way to stay afloat in the current economic climate! It provides businesses with a tax credit of up to $5,000 for each employee on the payroll. The credit covers wages paid between March 12, 2020 and Dec 31, 2020.

However, there are several things to keep in mind when applying. First, businesses must have experienced either an overall gross receipts decline of 50% or more compared to the same quarter in 2019; or if they're a small business (with fewer than 500 employees), they must have had operations fully or partially suspended due to government orders related to COVID-19. Furthermore, employers must pay their employees at least $10,000 during any four-quarter period between March 12 and Dec 31st of 2020.

Additionally, employers should ensure that none of their employees receive total compensation exceeding $100,000 per year before taking advantage of the ERC. Employers who fail to meet these requirements may be subject to penalties from the IRS! So it's important for S-Corp owners to take all necessary steps before claiming this credit.

In conclusion, the ERC is an excellent option for S-Corp owners looking for ways to support their employees without putting too much strain on their finances! But it's still important to review all requirements carefully before making any claims so as not (to) avoid any costly mistakes down the line.