01/16/21 – Employee Retention Credit (Important New Benefits)

Before the Consolidated Appropriations Act 2021, any employer who received a Small Business Administration Loan under the Paycheck Protection Program (PPP loan) of the CARES Act was ineligible to receive the employee retention credit (ERC).  The Consolidated Appropriations Act 2021 now allows eligible businesses who previously received PPP loans to claim the employee retention credit retroactively to March 13, 2020 for qualifying wages not covered by the PPP loan.  This could be a substantial credit for many businesses! There are certain complexities with how the ERC interrelates with PPP loan forgiveness.  We can strategize with you to determine your eligibility and maximize the benefits of the new ERC provisions along with your PPP loan forgiveness.  See more details here.