S Corporations are providing an opportunity for owners and employees to retain credits. (This) is a great way to help small businesses stay afloat during difficult economic times. The S Corporation Owner Employee Retention Credit allows eligible employers to claim a credit against their payroll taxes of up to $7,000 per employee. This tax break significantly lowers the cost of keeping employees on staff, which helps companies stay competitive in an uncertain economy.

However, there are some restrictions that must be followed in order for business owners and employees to take advantage of this credit. Eligible employers can only claim the credit if they've experienced a full or partial shutdown due to COVID-19 pandemic related government orders, or have seen a significant decline in gross receipts compared to the same quarter in 2019. Employers must also pay employee wages during the period when they're eligible for the credit, making sure not to exceed more than $10k per person each quarter.

Furthermore, it's important for employers and employees alike to keep track of how much money they’re saving with this tax break; otherwise they could miss out on valuable savings! It's also worth noting that while the retention credit is available through December 31st 2021, any unused portion can't be carried forward into future years! So it’s best to use these credits as soon as possible so you don't miss out on additional savings!

Overall, the S Corporation Owner Employee Retention Credit is a great way for businesses and their employees remane financially secure and remain competitive throughout these trying times. With careful planning and record-keeping, employers can take advantage of this tax break until December 31st 2021 -- but hurry before it’s too late!